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1Point Lisas Industrial Port Development Corporation Limited 2014 Annual Report

Point Lisas Industrial Port Development Corporation Limited 2014 Annual Report2


MISSIONTo develop, market and operate port, logistics and industrial estate infrastructure for continued economic growth.

VISIONTo be a global player in port and estate management by consistently providing superior, innovative service.

VALUESIntegrity – We will act with honesty, without compromising the truth and be personally accountable for the highest standards of behaviour.

Innovation – We will convert knowledge and ideas to new approaches that will revolutionise the way we work.

Equity – We are committed to acting with equity when dealing with our employees and other stakeholders, so that we continue to maintain the trust and confidence of those with whom we do business.

Service Excellence – We will provide our customers with service and professionalism that far surpasses their expectations.

Health, Safety and Environment – We are committed to ensuring that the working environment is safe and that all individuals take responsibility for achieving this.

STRATEGIC PILLARS1. Position Port as the National Port and Regional Hub

2. Expand Industrial Lines of Business

3. Expand the Tenanted Estate

4. Strengthen our Health, Safety and Environment Capabilities

5. Build a “Results” Culture


CONT

ENTS 3

4567

12192229

Corporate Information

Notice of Annual Meeting

Board of Directors

Principal Officers

Report of the Chairman

Report of the President

Directors’ Report

Corporate SocialResponsibility Initiatives

Financial Statements

30313334363779

Independent Auditor’sReport

Statement ofFinancial Position

Statement ofComprehensive Income

Statement ofChanges in Equity

Statement ofCash Flows

Notes to theFinancial Statements

Management Proxy Circular

Proxy Form


CORPORATE INFORMATIONDIRECTORS MR. IAN R. H. ATHERLY (CHAIRMAN)MR. HAROON FYZOOL AWARDY (DEPUTY CHAIRMAN)MR. IBN LLAMA DE LEONMRS. JANETTE JAMES-SEBASTIENMR. CHARLES PERCYMR. PRAKASH RAMNARINEDR. DALE SOOKOO

CORPORATE SECRETARY MR. MICHAEL A. PHILLIP

REGISTERED OFFICE

PLIPDECO HOUSE ORINOCO DRIVE POINT LISAS INDUSTRIAL ESTATE POINT LISAS, COUVA TRINIDAD, WEST INDIES

Telephone: (868) 636-2201/2202Facsimile: (868) 636-4008Website: www.plipdeco.com

BANKERS

REPUBLIC BANK LIMITEDSOUTHERN MAIN ROADCOUVATRINIDAD, WEST INDIES

FIRST CITIZENS BANK LIMITEDORINOCO DRIVEPOINT LISAS INDUSTRIAL ESTATEPOINT LISAS, COUVATRINIDAD, WEST INDIES

AUDITORS

PRICEWATERHOUSECOOPERS (PwC)11-13 VICTORIA AVENUEPORT OF SPAINTRINIDAD, WEST INDIES

REGISTRAR

TRINIDAD AND TOBAGOCENTRAL DEPOSITORY LIMITED10TH FLOOR, NICHOLAS TOWER63-65 INDEPENDENCE SQUAREPORT OF SPAINTRINIDAD, WEST INDIES


NOTICE OF ANNUAL MEETING

NOTICE IS HEREBY GIVEN that the Forty-Eighth (48th) Annual Meeting of Shareholders of Point Lisas Industrial Port Development Corporation Limited (“the Corporation”) will be held on Thursday 11th June, 2015 commencing at 2:00 p.m. at PLIPDECO’s Conference Centre, PLIPDECO House, Orinoco Drive, Point Lisas Industrial Estate, Couva, Trinidad, for the following purposes:

ORDINARY BUSINESS:

1. To receive and consider the Report of the Directors and theGroup’s Audited Financial Statements for the financial year ended December 31st, 2014, together with the Report of the Auditors thereon and to note the final dividend.

2. To elect Directors.

3. To appoint Auditors of the Company and authorise the Directorsto fix their remuneration and expenses for the ensuing year.

BY ORDER OF THE BOARD

Michael A. Phillip Corporate Secretary

April 10th, 2015

Notes

1. No service contracts were entered into between the Company and any of its Directors.

2. A member of the Company entitled to attend and vote at theabove meeting is entitled to appoint a proxy to attend and vote in his or her stead. Such Proxy need not also be a member of the Company.

3. Attached is a Proxy Form which must be completed, signed and thendeposited with the Company Secretary not less than 48 hours before the time fixed for holding the meeting.


Mr. Ian R. H. AtherlyChairman

Mr. Haroon Fyzool AwardyDeputy Chairman

Mr. Prakash RamnarineMr. Charles Percy Dr. Dale SookooMrs. Janette James-SebastienMr. Ibn Llama de Leon

BOARD OF DIRECTORS FOR THE FINANCIAL YEAR 2014


PRINCIPAL OFFICERS

Mr. Ashley TaylorPresident

Mr. Harold RagbirVice President,Port Operations

Mr. Michael A. PhillipCorporate Secretary

Mr. Niegel SubiahVice President,

Business Services

Mr. Averne PantinVice President,

Technical Services

7

Vision Statement: “To be a global player in port and estate management by consistently providing superior, innovative service.”

INTRODUCTION

I am pleased to report on the performance of the Point Lisas Industrial Port Development Corporation Limited (PLIPDECO) for the financial year 2014.

The Corporation continues to make positive strides despite having to operate in an increasingly challenging and competitive local, regional and international economic climate. The improvements are evidenced by the record containerised cargo throughput largely brought about by increased market share, the fact that another shipping line has made Point Lisas its hub of operations in the Caribbean, and the considerable growth shown by some of the already existing carriers. All of this has been accomplished within a scenario whereby the growth in the economies of the Caribbean and Latin America have underperformed in comparison to the global average in 2014 of 2.8%.

FINANCIAL PERFORMANCE

The Group’s turnover increased by 3.3% in moving from $264m in 2013 to $273m in 2014. This was mainly attributable to increases in the throughput of containerised cargo. The Estate business has continued to remain steady due to consistent revenues derived from the long-term leases.

The Corporation’s Year End Results were, however, impacted by the settlement of significant aspects of the collective agreements with the majority trade union. This also resulted in the restatement of the 2013 numbers. The Corporation’s

FOR THE FINANCIAL YEAR 2014

Mr. Ian R. H. AtherlyChairman

REPORT OF THE CHAIRMAN


REPORT OF THE CHAIRMAN continued

Group Profit Before Tax (and excluding Fair Value Gains) amounted to $7.7m, a decrease of $2.1m or 21% from 2013 when a Profit Before Tax of $9.8m (restated) was recorded. Group Profit Before Tax (including Fair Value Gains) was $116.5m compared with 2013 when the figure recorded was $179.4m.

Earnings per Share (EPS) for 2014 before Fair Value Gains stood at 16 cents, an increase of 23% over 2013 when the EPS was 13 cents. With the inclusion of Fair Value Gains the EPS were $2.91 and $4.41 for 2014 and 2013 respectively.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) and excluding Fair Value Gains were $47.1m, representing no change from the previous year. The Group’s total asset base grew to $2.26bn in 2014, an increase of 4 per cent compared with 2013 when the value of total assets was $2.17bn.

INDUSTRY IN REVIEW

Maritime and Shipping

It would seem that the maritime industry is in a continuous state of flux with the numerous and high level adjustments that have been occurring on the international front. We are for example seeing the rapid advancements being made in the size of container vessels. It seems only a few short months ago when Maersk made the grand announcement of the ordering of a series of 18,000 teu vessels. These vessels have now been placed into service, examples of which include the Mary Maersk and the Maersk McKinney Moller. Despite the feeling by some analysts years ago that vessel sizes could not possibly go beyond the 18,000 teu capacity due to concerns about structural integrity, barriers are once more being broken. Other shipping lines such as Mitsui OSK Lines, CMA CGM and OOCL have placed orders for vessels with capacities in excess of 20,000 teus each. The contracts for construction of these new builds are split between the shipyards of Hanjin Heavy Industries and Samsung Heavy Industries.

The Panama Canal Authority is proceeding with the major expansion programme with the construction of the third set of locks that will ultimately result in vessels of up to 13,000 teu capacity being able to traverse the Canal.

With that being said however, the authorities are already feeling the pressure of the announcements of competing developments. Hence, the Canal Authority is now considering the construction of additional locks to accommodate vessels of up to 20,000 teus in capacity. This is despite the long delays in completing the Canal project which is now scheduled to be completed by the beginning of 2016, and with cost overruns that are projected to be in excess of US$500m.

The Nicaraguan development that has been touted as the answer to the Panama Canal, though on a much grander scale, has an estimated development cost of US$50bn. This is widely seen as not just the development of a Canal, but the development of a country, as the expenditure will also be for the airport, roads and other support infrastructure. This Canal will be able to accommodate the largest vessels currently being constructed.

Not to be left out, the Egyptian Government has approved the expenditure of US$8bn for a major expansion for the Suez Canal. The Suez Canal can already handle the largest vessels in the market, however, the expansion will allow a significant increase in capacity in relation to the number of vessels that can be accommodated on a daily basis. Maersk Line is one of the major players that


have been using the Suez Canal trade route as an alternative to the Panama Canal due to the Panama Canal rates being substantially higher and the congestion that is sometimes encountered. With the increase in options for shipping lines, this is allowing shipping lines to not only exploit economies of scale but also allow a reduction in costs.

Within the region there are a number of developments that have been taking place with each being at varying stages of deployment from the point of announcement to actual completion. These include Venezuela, Cuba, Brazil, Bahamas, Costa Rica, Miami and Jamaica just to name a few. From Jamaica came the recent announcement that Terminal Link has been granted a 30-year concession by the Jamaican Government to manage and operate the Kingston Container Terminal. This arrangement will see CMA CGM, the majority owner of the Terminal Link, expanding its footprint in Jamaica and making it the 11th

largest port operator in the world. This augers well for Point Lisas given CMA CGM’s increasing throughput at Point Lisas and its potential interest in a sub-hub type operation in the eastern Caribbean region.

Energy

Over the last few years there has been a reduction in the gas supplied by the National Gas Company to the downstream companies on the Industrial Estate. Despite this the Corporation has seen stability and consistency in the estate management part of the operations.

The reduction in energy prices globally, brought about by the glut in the market and the fact that the major oil producers have not cut output, has placed further pressure on companies involved in marketing and sale of energy-based products such as natural gas. The price of products such as methanol and ammonia that utilise the natural gas as feedstock has remained relatively stable. However, some of the major downstream companies on the Industrial Estate have been fortunate in this regard as the majority of their products are sold on the international market.

The outlook overall is quite positive for the major companies on the Estate and ultimately PLIPDECO as landlord. This as the medium- to long-term

projections for the natural gas supply is a restoration of quantities provided to pre-2011 levels, thus enabling plants to once more produce at full capacity.

STRATEGIC OUTLOOK AND INITIATIVES

The key accomplishments and initiatives in 2014 and the projections for 2015 are quite strategic in nature. The beginning of the year was marked by the Commissioning of the Corporation’s latest piece of equipment, the Gottwald GHMK 6507 Mobile Harbour Crane. This acquisition is a pivotal component in the thrust to improve asset management, increase equipment reliability and reduce cost of operation while at the same time increasing productivity. More equipment acquisitions are expected to be undertaken during 2015.

The Corporation also recognises that in order to remain relevant it must continually reinvent itself through identifying new areas for business growth and revenue generation. In an ultra-competitive environment, this must be characterised by implementing linked services that have a synergy with the core business model. This approach ultimately keeps cost to a minimum through the maximisation of competencies. In this vein, PLIPDECO would like to be seen in the future as more than just a Port or Industrial Estate but as a logistics services provider that facilitates or provides services at various points along the value chain.

It was in attainment of the above-mentioned objective that the concept of the LCL Export Initiative and Warehouse was developed. This was formally launched in October to provide manufacturers and producers with the opportunity to ship goods to other Ports in the region in less than container load quantities.

A major part of a container shipping line’s ability to operate efficiently and profitably is its management of containers. Without these, goods cannot be effectively moved from point of origin to point of final use. As a result of this, shipping lines charge consignees demurrage and detention as a measure that will encourage return of empty containers to the lines on a timely basis. The collection of these charges is normally outsourced to third party service providers. PLIPDECO saw this as an opportunity to not only create a viable revenue stream but also to provide a value added service for shipping


lines. A demurrage and detention management software was ultimately developed and the appropriate systems were put in place to operationalise the provision of the service by PLIPDECO. PLIPDECO subsequently entered into a contractual arrangement with Tropical Shipping, one of the eight major callers at PLIPDECO. The other lines either utilise other service providers or simply manage the process themselves. The product is being actively marketed to either bring on board additional shipping lines or lease the use of the software to regional ports who have shown an interest.

The other potential growth area that is linked to the port operations is the provision of bunkering services to vessels. As it stands, the majority of vessels that call at port take bunkers at anchorage. This process can be quite time consuming especially when tight deadlines have to be met in calling at ports. The ideal scenario therefore is to facilitate the bunkering of vessels during the discharge and load operations while in port. This can be done through piped infrastructure at the berth or utilising a bunker barge which comes alongside the vessel. PLIPDECO has up to 70 vessel calls on a monthly basis and certainly the potential for bunkering of vessels while alongside is substantial. Discussions have been ongoing with at least one service provider with whom PLIPDECO is exploring the possibility of forming a strategic alliance. PLIPDECO’s revenue would be derived as a percentage of the bunkering fee or as a throughput charge.

The Estate revenues are derived from lease payments made by tenants. These amounts are fixed, except for the reviews that are conducted periodically, resulting in increases based on movement in the consumer price index. A review is currently being undertaken to determine what opportunities may exist for PLIPDECO to provide services to tenants such as procurement and logistics.

GOVERNMENT AND REGULATORY FRAMEWORK

A number of legislative changes that will have a fundamental impact on the industry are to be implemented. Key among these is the repeal of the Droghers Act, implementation of the new Shipping Act and bringing on stream the Maritime Authority. These changes are to be enacted by the end of 2015.

The Government of Trinidad and Tobago entered into an arrangement with the US Government which saw them donating four refurbished Container Scanners to be utilised at the Port of Port of Spain and Point Lisas. Point Lisas has been identified by Customs and Excise as the pilot site where the first two scanners are to be deployed. The Corporation expects that with the commissioning of the scanners, an improvement will be seen in the processing time for import containers as the need for sending containers to the Container Examination Station should be substantially reduced. The scanners will also play a key role in improving the level of security at the Port through the early detection of illegal items that may be in containers.

REFORM INITIATIVES

Effective management of labour is an important cornerstone in controlling costs and maintaining acceptable levels of productivity in a port environment. Management has been holding ongoing discussions with the Union with a view to initiating sustainable labour reform in the short to medium term. These reforms will also be an integral part of the new collective bargaining agreements that are to be implemented. These changes are very important as the Corporation moves forward into a major development that will seek to position the Port as a major player in the medium sized port category.

REPORT OF THE CHAIRMAN continued


Customs and the need for some sustainable reform continues to be at the forefront of discussions among stakeholders who are required to interact in some way with the agency in the process of moving goods across the nation’s ports. It is the intention of the Corporation to accelerate its push with the relevant authorities to have the necessary changes initiated.

CORPORATE SOCIAL RESPONSIBILITY

PLIPDECO takes its Corporate Social Responsibility just as seriously as it does other aspects of the business. The CSR initiatives are not only directed externally but also internally to employees. During the period June 30th to August 15th, 46 students benefitted from the annual Summer Internship Programme. These students consisted of children of staff members and a small number from the University of Trinidad and Tobago with whom an internship arrangement was established for students enrolled in the maritime faculty. Twenty-eight students who were children of employees also benefitted from educational grants for assistance in their tertiary educational programmes. The Corporation’s strong focus on education is further evidenced by the five educational initiatives that were embarked upon including the annual ceremony to recognise students in Couva who had excelled at the CAPE and SEA examinations.

Assistance for sporting activities also forms part of the CSR programme. This includes donations to organisations towards their general operations or for participation in events or competitions. The Corporation’s very own Kerron Commissiong and Sheah Martin have represented the country internationally at the highest level and have seen significant successes through medals won and records broken.

The Company’s football team saw major success in 2014 when it won the SIS Industrial Football League.

PLIPDECO prides itself in having some of the most committed workers in the country as evidenced by the length of tenure. The Corporation during the year bid farewell to Messrs Roderic Noble and Raymond Houlder who served for 34 and 35 years respectively.

THE PERIOD AHEAD

The expansion plans for PLIPDECO are once more squarely in focus especially given Government’s perceived intent of scaling back the Port development in La Brea and possibly diverting some of the resources towards further development of the Port and Industrial Estate in Point Lisas. The Board and Management eagerly anticipates the opportunity of collaborating with the Corporation’s largest shareholder, the Government, as it enters another important phase in its history.

PAYMENT OF DIVIDENDS

In recognition of the important role that shareholders have and continue to play in the development of PLIPDECO and the unwavering confidence shown, the Board of Directors has recommended a Dividend payment to shareholders of 15 cents per share.

APPRECIATION TO STAKEHOLDERS

The Corporation has a wide range of stakeholders who benefit from or utilise in some way the services provided. These stakeholders include the Government, employees, exporters, importers, shipping lines, agents, unions, Customs and Excise and other support agencies.

I would like to thank all these stakeholders for the ongoing support and look forward to the continuance of that support as we move into another phase in the Corporation’s history.

Ian R. H. Atherly Chairman

12

REPORT OF THE PRESIDENT

Mission Statement: “To develop, market and operate port, logistics and industrial estate infrastructure for continued economic growth.”

PERFORMANCE REVIEW

The year started off on a high note with the formal commissioning into service of the Company’s GHMK 6507 Gottwald Mobile Harbour Crane and ending with a record containerised throughput of 208,972 teus. This speaks to the focus and commitment of the management team and the efforts to position the Port as one of the premier locations in the region.

The acquisition of the mobile harbour crane is part of the programme of phased replacement of the Corporation’s fleet of equipment as they approach the end of their useful lives. This determination is based on the reduction of equipment reliability and increase in cost of maintenance as a percentage of the initial capital investment.

The throughput in containerised cargo of 208,972 teus was a record performance for the Port and the passing of the 200,000 teu threshold was an extremely symbolic threshold for the Corporation as it has in principle moved the Port into another realm of operation. The 8.3% increase over 2013 was achieved as a result of a 27% increase in transhipment, a 3.32% increase in imports and a 5.36% increase in exports.

The Port continues to make significant strides in positioning Point Lisas as a transhipment centre for the Eastern Caribbean. The aforementioned 27% increase in transhipment represents in actual terms a 9,190 teu upward movement over the previous year. Transhipment cargo at the end of the year

Point Lisas Industrial Port Development Corporation Limited 2014 Annual Report

FOR THE FINANCIAL YEAR 2014

Mr. Ashley TaylorPresident


represented 20% of the total containerised cargo throughput for the Port. The improvement in the various categories of containerised cargo is as a consequence of the continued growth in the local and regional economies as well as the increased market share as a result of business that has moved from Port of Spain to Point Lisas. Fundamental to this has been King Ocean moving the hub of its operation from Port of Spain to Point Lisas.

The picture for general cargo has not been as good as containerised. General cargo saw a 2.1% increase over the previous year. The contributing factors to this include an increase of 5.6% in imports which represents the bulk of the general cargo handled and a 26.8% decrease in exports. The reduction in exports was as a result of decreased activity at ArcelorMittal who would normally channel spillover activity through the Port of Point Lisas.

Port Productivity

The gross vessel productivity for handling containerised cargo for 2014 was 17 moves per hour representing a minor increase of 0.3 moves per hour over 2013. The performance for 2014 would have been better were it not for the efficiency challenges faced in the last three months of the year, which traditionally is the busiest period for the Port. These challenges alluded to were a direct result of the congestion issues faced in relation to the receival, storage and delivery of cargo. The Productivity during these last three months was 14.6 moves per hour compared with 17.8 for the first nine months of the year.

50,000

100,000

150,000

200,000

0

250,000

2008

169,093 164,183

2009 2010 2011 2012 2013 2014

TEUS

188,903172,256

176,451

192,887

208,972

Containerised Cargo

2008 2009 2010 2011 2012 2013 2014

Tonn

es

0

100,000

200,000

300,000

400,000

500,000488,385

356,774 341,406

379,087 368,552

316,183322,765

General Cargo


REPORT OF THE PRESIDENT continued

Warehouse Operations

There was a five per cent increase in the number of containers unstuffed at the LCL Warehouse. This equated to 2,951 containers handled. There was a comparable four per cent increase in the number of deliveries made which was equivalent to a total for the year of 26,717 deliveries. The time taken between discharge of the container from the vessel and commencement of unstuffing averaged two days. Due to the importance of having containers unstuffed and deliveries made on a timely basis, significant efforts continue to be made in having Customs dispense with the requirement of approval letters before the LCL containers could be sent from Port to Warehouse.

The Corporation as part of its diversification thrust into logistics has launched its LCL Export Initiative. The primary purpose of this initiative is to seek to develop the export market to Caricom for local manufacturers and consolidators by allowing cargo to be exported in less than container load quantities. PLIPDECO has put in place a dedicated LCL Export Warehouse to facilitate the process. Special charges are applied to the loading of cargo at the Warehouse as well as handling of the container vessel side. Thus far one shipping line, Tropical Shipping, is currently partnering with PLIPDECO on this initiative. However, discussions are progressing with other shipping lines and agents to bring them on board through efforts being spearheaded by the Corporation’s marketing team. Marketing trips are also being organised to other ports in the Caribbean, as well as the business community, to promote the benefits of the programme.

Container Examination Station (CES)

The Container Examination Station is operated under the authority of Customs and Excise. For the year, 4,145 containers were referred to the CES for further examination. This represents 9.9% of the containers delivered from the Port and a 21% drop compared to the previous year when 13.4% of containers were examined.

The examination of the containers is determined solely by Customs on the basis of profiling specific customers, type of goods, place of origin or transhipment or a perceived risk. With the adoption of the Asycuda system by Customs, the process of screening has become a lot more efficient. The installation of seven cameras to cover mostly the floor operations has added another dimension to the level of security and should help to eliminate the incidences of theft or pilferage that sometimes occur and allow management to also better manage the process. These cameras link into the overall CCTV system at PLIPDECO.

Harbour Management

While there were significant increases in the number of vessels handled in the latter part of the year, the overall change for the year was less than a one per cent increase in the number of vessels handled. During the year, 1,600 vessels called at the facilities compared with 1,588 in 2013. A further breakdown of this was 846 vessels at the Port of Point Lisas and 754 at the Savonetta Piers during 2014, compared with 856 and 732 for Point Lisas and Savonetta, respectively, in 2013.

Overall, no substantial changes are expected to be seen in the near future as shipping lines, rather than increasing vessel calls to increase volumes, will continue to exploit economies of scale by maximising vessel utilisation. The Harbour Management Department is an important revenue centre that continues to make an important contribution to the Corporation’s bottom-line performance. Within the last two years a fair amount of effort has been expended in cross training of personnel in an effort to ensure that the required level of service is maintained and to position the department for future growth within the organisation.


KEY ACCOMPLISHMENTS AND INITIATIVES

The accomplishments and initiatives for 2014 were indeed far reaching and broad-based in nature and speak to the focus of the Corporation in taking a balanced approach in the setting and achievement of its objectives.

Equipment

Taking a phased approach to equipment replacement is fundamental to achievement of some of the core objectives of effective asset management, cost control, efficiency and maintenance of a reliable fleet of equipment. A reliable equipment fleet in turn translates into faster turnaround and efficiency for shipping lines and commercial users of the Port as well as reduced operating costs of the Port operations. In fulfilment of the preceding, PLIPDECO purchased and subsequently commissioned in January 2014 a new Gottwald 6507 Mobile Harbour Crane. The crane is to be utilised in the cargo operations for handling of both general and containerised cargo.

Infrastructure

The maintenance, repairs and rehabilitation of infrastructure has been ongoing throughout the year. Most of this has been accomplished in-house utilising resources drawn from within the Civil Maintenance Department. Projects included working with the Information Technology Department to run a two-kilometre fibre optic link between the Port and PLIPDECO’s head office. The installation of the fibre optic link will ultimately eliminate the dependence on service providers for the provision of data services between both sites, reduce costs and increase reliability of data transfer.

The Corporation also undertook the construction of a fixed ramp at the eastern end of the LCL Warehouse. The ramp facilitates the simultaneous stuffing and unstuffing of four containers and significantly relieves the level of congestion in the examination area and provides a faster throughput of containers at the Warehouse.

On a daily basis, in excess of 600 truck transactions are conducted at the Port’s In and Out Gates. In order to ensure that there is an orderly process, the


Corporation provides a lay-by facility for hauliers as a staging and waiting area prior to entry into the Port. The volume of traffic places significant wear and tear on the paved infrastructure and as a result the lay-by has seen significant deterioration within recent years. This facility was upgraded so as to continue to provide a convenient and safe waiting area for the hauliers who we consider to be one of our more important stakeholders.

The Corporation has also continually sought to maintain a safe and convenient road network throughout the Industrial Estate. As a result, a continuous process of road repairs and maintenance is in place. The last major rehabilitation was undertaken in 2008 when 5.7 kilometres of roadway was repaired along Pacific and Atlantic Avenues. During 2014, approximately 0.8 kilometres of roadway was repaired along selected areas of Caribbean Drive, Mediterranean Drive, Pacific Avenue and Orinoco Drive.

Technology

In continuation of its thrust aimed at enhancing the level of security at the Port and Estate as well as enhancing operational capabilities, the Corporation has installed a comprehensive CCTV network. The system that has been implemented is modular in nature to facilitate installation of additional cameras on the network as part of the overall design requirements or where a vulnerability has been identified. At present there are over 150 cameras on the CCTV network and during the year additional ones were installed to look along the Container Storage bays, at key intersections on the Industrial Estate, at the Container Examination Station and at the Waterfront, providing a view of the Harbour.

The cornerstone of PLIPDECO’s ability to manage effectively is the enabling use of technology. The process of strategically transforming the Company into a technology and data driven organisation commenced in 2009. Today, PLIPDECO can boast of having a number of enterprise based systems that link all the key facets of operations. Apart from the already mentioned technology related projects such as the fibre optic link and the CCTV system enhancements, other projects included the virtualisation of the Company’s servers and the implementation of the Workplace Software. The virtualisation project entailed replacement of existing infrastructure that had become obsolete, with a new

infrastructure configuration that optimised usage and provided improved system reliability and security.

The Workplace software replaced the previously installed system and has added capabilities that certainly improve the process of requisitioning and issuing of purchase orders for the provision of goods and services. The programme also facilitates the tracking of performance of suppliers.

Industrial Relations

The Corporation always prides itself on the maintenance of a stable industrial relations climate. Central to this is ensuring that union-related issues are addressed on a timely basis and that collective bargaining agreements are as current as possible. The Human Resources team was able to successfully complete the negotiations with the majority union, the Seamen and Waterfront Workers Trade Union (SWWTU) on cost related items, resulting in the granting of the appropriate salary increases and payment of retroactive salaries.

Tariff Review

A revised tariff structure was implemented in October. The revision did not only increase the rates in the provision of certain components of the receival, storage and delivery process, but also realigned certain components of the tariff structure for ease of management and execution.

Security

Security management will always be a challenge for ports locally, regionally and internationally. While we have been experiencing difficulties in addressing certain security issues, significant strides have been made in improving the overall level of security. At some of the key access points, additional personnel have been stationed, more monitoring is being done from a supervisory perspective and better use is being made of the CCTV system. It must be noted that discussions have reached an advanced stage with the National Operations Centre (NOC) with a view to having key cameras at the Port and Industrial Estate integrated within the national network.



INITIATIVES FOR 2015 The Corporation has a number of operational initiatives planned for 2015 that will aid in further enhancing operational effectiveness, safety, efficiency and productivity. These initiatives span infrastructure, information technology, equipment acquisition and systems.

Infrastructure

With regards to infrastructure, the Corporation will continue where it left off in 2014 when a number of roads were repaired. The plan for 2015 is to conduct comprehensive repairs to Atlantic Avenue, the main thoroughfare on the Industrial Estate. The roadway has shown significant deterioration due to the high level of traffic that traverses it on a daily basis.

Through working with T&TEC, the Estate division has embarked upon a programme of upgrading the quality of street lights in areas that are considered to be deficient. The first phase of this was done in 2013 and consisted of the installation of 50 light poles at a number of poorly lit areas. Phase two is to be done along Caspian Drive and will include the installation of 25 light poles.

Four major infrastructural projects are being done at the Port in 2015. These are the rehabilitation projects for Berths 1A, 3 and 4 and the container storage area, plus the replacement of 400 metres of crane rails at Berth 5. These projects require a significant amount of planning as they are being conducted around Port operations in order to minimise the level of disruption.

Technology

Under Information Technology, the major project being implemented is the upgrade of the Navis Port Terminal Operating System. The original version was implemented in 2006 and is now approaching end-of-life as determined by the software providers. The implementation of the software will require substantial changes to the operating environment including hardware acquisition and training of users. Once completed, port planning personnel as well as external stakeholders will have access to several improved features including reporting and access to data.


Equipment

Equipment reliability as previously mentioned continues to be one of the major challenges affecting the Corporation. This is as a result of a combination of ageing infrastructure and inadequate maintenance. To improve the equipment service levels, the Corporation is entering into specific arrangements with the Original Equipment Manufacturers (OEMs) of the key pieces of equipment to lend onsite maintenance support on an ongoing basis. The OEMs being targeted are Liebherr, Kone, Fantuzzi (includes Gottwald and Terex equipment) and Kalmar.

To address the problem of ageing equipment infrastructure, additional port handling equipment is to be procured. This includes one reach stacker, one empty container handler and six trucks.

Systems

The Human Resources Department has been actively working with other departments to effect a number of positive changes throughout the organisation. A revised Human Resources Policy as well as a Performance Management System are expected to be rolled out this year. With the inclusion as well of a specialist in the area of training and development, more focus is being placed on targeted training and performance management.

The Corporation is partnering as well with the Caribbean Maritime Institute and the National Training Agency to develop certifications for port workers and

civil maintenance. This is indeed groundbreaking and will go a far way to not only increasing the motivation level among staff, but will most importantly, improve the level of performance.

A revised Productivity Incentive System is being developed and this will feature prominently in the new Performance Management System.

As the Corporation approaches its 49th year of existence and ultimately the half century mark, it is imperative that we build upon the successes of the past and actively embrace the future as we move forward confidently on our path of sustained growth.

I would like to thank the Board, employees, shareholders and stakeholders for the continued support and those who are all collectively responsible for our accomplishments to date. I do look forward to that same support in the future and for the challenges that may lie ahead.

Ashley Taylor President



Your Directors have pleasure in presenting their Report and the Audited Financial Statements for the financial year ended December 31st, 2014.

FINANCIAL HIGHLIGHTS ($’000) GROUP December 31, 2014 December 31, 2013 RestatedTurnover 273,015 264,339Profit before Taxation (excluding Fair Value Gains) 7,758 9,877Taxation (1,371) (4,790)Profit after Taxation (excluding Fair Value Gains) 6,387 5,087Dividend (5,944) (4,359)Retained Earnings 1,635,608 1,528,579Earnings per Share $2.91 $4.41

Dividends

The Directors declared a final dividend of 15 cents (15¢) per share for the financial year. The dividend will be paid on May 29th, 2015 to shareholders whose names appear on the Register of members of the Corporation at the Record Date of May 8th, 2015.

Directors

Mr. Ian R. H. Atherly, Mr. Haroon Fyzool Awardy, Mr. Ibn Llama de Leon, Mr. Charles Percy, Mrs. Janette James-Sebastien, Mr. Prakash Ramnarine, andDr. Dale Sookoo retire by rotation and being eligible offer themselves for re-election.

Auditors

The Auditors, PricewaterhouseCoopers, retire and being eligible offer themselves for reappointment.

FOR THE FINANCIAL YEAR 2014DIRECTORS’ REPORT


Notes to the Financial Statements (Continued)

31 December 2014 (Expressed in Trinidad and Tobago Dollars)

Directors’, Senior Officers’ and Connected Persons’ Interests

Set out below are the Directors, Senior Officers and their connected persons with interests in the shares of Point Lisas Industrial Port Development Corporation Limited.

Directors and Senior Officers Shareholdings Connected Persons’ ShareholdingsMr. Ian R. H. Atherly Nil Nil Mr. Haroon Fyzool Awardy Nil Nil Mr. Ibn Llama de Leon Nil NilMrs. Janette James-Sebastien Nil NilMr. Charles Percy Nil NilMr. Prakash Ramnarine Nil NilDr. Dale Sookoo Nil NilMr. Ernest Ashley Taylor 4,000 NilMr. Averne Pantin Nil NilMr. Harold Ragbir 4,046 NilMr. Niegel Subiah 543 NilMr. Michael A. Phillip Nil Nil

RBC Trust (Trinidad & Tobago) Limited holds a non-beneficial interest in 230,226 shares as Trustees of PLIPDECO’s Employee Share Ownership Plan.

DIRECTORS’ REPORT continued




HOLDERS OF THE TEN (10) LARGEST BLOCKS OF SHARES Issued Share Capital: 39,625,684

Name Balance Percentage

THE MINISTER OF FINANCE 20,210,296 51.00%

RBC TRUST (TRINIDAD & TOBAGO) LIMITED 2,477,583 6.25%

CHAN RAMLAL LIMITED 1,990,896 5.02%

TATIL LIFE ASSURANCE LIMITED 1,928,067 4.87%

REPUBLIC BANK LIMITED 1,215,221 3.07%

ATLANTIC INVESTMENTS COMPANY LIMITED 1,000,000 2.52%

BOURSE NOMINEE ACCOUNT 848,909 2.14%

TRINTRUST LIMITED 770,759 1.95%

OLYMPIC RENTALS LIMITED 500,000 1.26%

GEORGE ABOUD & SONS LIMITED 483,974 1.22%

BY ORDER OF THE BOARD

Michael A. PhillipCorporate Secretary April 10th, 2015


CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

Inter-Faith ServiceSecuring blessings from a divine power for guidance and protection is a value system that PLIPDECO maintains.

AdministrativeProfessionals Week

PLIPDECO’S INTERNAL NEWSLETTER | Issue 2 24

This year, Administrative Professionals within the organisation celebrated the occasion by way of professional development, as opposed to the usual programs/initiatives solely geared towards personal development. Administrative Assistants attended a Retreat at Crews Inn on April 23rd, 2014 which was hosted by the Employers Solutions Centre. The first segment of the day began with a seminar entitled “Pennies on the Dollar”, which was delivered by Image Consultant, Catherine Gordon that focused on personal and professional attire with minimal expenditure. Tips were given to the group on how to transition from a Corporate (day) look to an evening look. Participants were also given the opportunity to put these tips to practice as they were provided with materials to design outfits for Business Casual, Corporate or Formal events. The seminar concluded with a mini fashion show where models paraded their various designs. The second segment was aptly titled “Skin Care Edition - Taking Care of You” by Avon representatives. Demonstrations were delivered on proper skin care and make up application. The intent was to encourage persons to project a professional image both in and out of the office. At lunch, the celebrants enjoyed in a tasty meal at Crews Inn Lighthouse Restaurant. The final and most anticipated segment of the day included mini manicures and back massages for each celebrant. All in all, the Admins had a wonderful day.

Employee Engagement

Administrative Professionals Celebration 2014

Carnival CelebrationsCelebrating Trinidad and Tobago’s culture is demonstrated in our Annual Staff Calypso, Chutney and Ole Mas Competitions.

Administrative Assistants form an integral support system in our organisation. In recognition of their invaluable service, they were rewarded with a “Day Away” Retreat which focused on their personal and professional development.



Employee Engagement




Employee Engagement



CORPORATE SOCIAL RESPONSIBILITY INITIATIVES Sports and Family Day

Our Annual Sports and Family Day encourages and fosters a sense of camaraderie and family spirit. The PLIPDECO family enjoyed a day filled with fun and excitement.

Vacation Internship ProgrammeDuring the months of July and August, PLIPDECO’s Internship Programme exposes the children of our employees at the secondary and tertiary levels to the world of work.

Additionally, an internship arrangement was established for students enrolled in the maritime faculty of the University of Trinidad and Tobago (UTT).

Annual Vacation CampEnriching the lives of our youth is a priority and great emphasis is placed on creating an environment that is fun-filled yet educational for employees’ children.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES continued


EmancipationVarious areas throughout the Corporation were decorated in commemoration of Emancipation Day.

Eid-ul-Fitr and Divali

Educational GrantIn the Corporation’s thrust towards education, educational grants are awarded annually to employees’ children at the tertiary level.

Tokens were distributed to customers in commemoration of Eid-ul-Fitr and Divali.


Cultural Diversity



Partners In Education

Couva South Government Primary School Graduation

PLIPDECO’s adopted school, Couva South Government Primary, held its Graduation Ceremony in June 2014. The theme was “Embracing the Power of the Dream.” Awards were presented to the Best Performing Male and Female pupils.

Couva Public Library Vacation Reading Camp

The Corporation partnered with the Couva Public Library for their Vacation Reading Camp themed “The Environment and Me!” PLIPDECO supports the goal of this camp which encouraged the habit of reading and the promotion of literacy in the community.

Mc Bean Presbyterian School

PLIPDECO donated six (6) whiteboards to the Mc Bean Presbyterian School in 2014 to enhance the learning environment of the children.

Top Performing Students Within the Community

PLIPDECO, under the patronage of the Member of Parliament for the Constituency of Couva South, The Honourable Rudranath Indarsingh, annually recognises and celebrates the success of the top performers at the CAPE and S.E.A. Examinations within Couva and surrounding communities.



Partners In Education (continued)

Global Learning and Observations to Benefit the Environment (GLOBE) Learning Expedition (GLE)

PLIPDECO assisted a contingent of students from Brazil High School in Arima to attend The Global Learning and Observations to Benefit the Environment (GLOBE) Learning Expedition (GLE) in New Dehli, India, from August 4th to 8th 2014.

Children’s Christmas Party

Our Christmas Party for employees’ children was held on December 6th, 2014. The theme was “Christmas in the Jungle” where more than 420 children enjoyed an afternoon of fun-filled activities.

PLIPDECO’sDinner andStaff PartyThemed “Christmas MasqueradeBall,” employees and their guests were treated to a memorable evening of dinner, dance and entertainment at Centre Point Mall.

Lendore Hindu School Baal Vikaas Festival

The Corporation provided support to Lendore Hindu School in hosting the annual Baal Vikaas Festival.


Security Department

Several members of the Security Department were recognised by the organisation for their outstanding performance in the execution of their duties.


Recognition of Our Employees

Football Team

PLIPDECO’s Football team was crowned champions at the SIS Industrial Football League Competition. To celebrate this achievement, a recognition ceremony was held in their honour.


PLIPDECO sponsors Powerlifting Champion

In this edition, we are proud to recognise the achievements of our employee, Sheah Martin, a Tally Clerk in the Cargo Handling Department.

Sheah, a professional Powerlifter, participated in the North American and Caribbean Powerlifting Championships in St. Croix, USVI in July 2014. He won a Gold medal in the Male Junior 120 kg Division and also won a Silver medal in the Mens Open 120 kg Division.

Some of Sheah’s other achievements include:

2013 - Won a Gold Medal at the Pan American Games.

2013 - Broke tw0 records in the “Squats” Category at the Pan American Games.

2012 - Won a Bronze medal in the Men’s Open Category at the North American and Caribbean Junior Championships which was held in the Cayman Islands.

Sheah is following in the footsteps of his father, Henderson Martin who won several medals after competing in the Powerlifting Men’s “Masters” Division.

Congratulations Sheah!

Farewell to two long-standing employees

On July 1st, 2014, the Corporation bid farewell to Mr. Raymond Houlder who gave 35 years of dedicated service to PLIPDECO. Mr. Holder retired in the position of Mobile Harbour Crane Operator in the Cargo Handling Department.

Mr. Houlder was amongst the first group of employees who would have seen the Industrial Estate develop from cane and dirt roads to the world class facility that it is today.

At his retirement function on July 25th, 2014 his colleagues described him as a mentor and a leader. He will be greatly missed by his team on Shift C.

We wish Mr. Houlder an enjoyable retirement.

Employee Engagement

Raymond Houlder being presented with a gift by his colleague Roxton Thomas

26

PLIPDECO Sponsors Powerlifting Champions

We are proud to recognise the achievements of our employees, Sheah Martin and Kerron Commissiong. Sheah is employed as a Tally Clerk in the Cargo Handling Department. He is also a professional Powerlifter and participated in the North American and Caribbean Powerlifting Championships in St. Croix, USVI in July 2014. He won a Gold medal in the Male Junior 120 kg Division and also won a Silver medal in the Men’s Open 120 kg Division. Some of Sheah’s other achievements indude: 2013- Won Gold Medal at the Pan American Games. 2013- Broke two records in the “Squats” Category at the Pan American Games. 2012- Won a Bronze medal in the Men’s Open Category at the North American and Caribbean Junior Championship which was held in the Cayman Islands.

PLIPDECO Sponsors Powerlifting Champions

Kerron Commissiong, also a Professional Powerlifter is employed as a Terminal Worker in the Cargo Handling Department. He was recently crowned the National Champion at the Trinidad and Tobago Powerlifting Federation Championship 2014 held on November 30th at Preysal Government Secondary School. Kerron was adjudged the Overall Men's Champion and Men's Open Champion in the 120+kg category. He also broke two National Records in the Squat (870lbs) and Deadlift (722 lbs).

Some of Kerron’s other achievements include: Crowned the National Champion on six (6)

occassions (2005-2007, 2011, 2013, 2014-2015). 2013 - 2nd place at both the Caribbean and North

American Championships in the Super Heavyweight (120+kg) Category.

2012 – Ranked 15th in the World in Powerlifting.

PowerliftingThe Corporation is proud to recognise the achievements of our employees Sheah Martin and Kerron Commissiong, both professional powerlifters. They have won numerous medals and broke a number of records at International Competitions.

Raymond Houlder (left) with Roxton Thomas

The Corporation bid farewell to Messrs. Roderick Noble (left) and Raymond Houlder (right) who contributed 34 and 35 years respectively to the organisation. These gentlemen were amongst the first group of employees who would have seen the Industrial Estate develop from its origins to the world-class facility that it is today.

PLIPDECO President, Ashley Taylor (left) presents Roderick Noble with a token of appreciation.

Retirement

Kerron Commissiong (centre)Sheah Martin (right)


Financial Statements2014 Annual Report


To the Shareholders of Point Lisas Industrial Port Development Corporation Limited

Report on the Parent and Group Financial Statements

We have audited the accompanying parent and consolidated financial statements of Point Lisas Industrial Port Development Corporation Limited (the Parent) and its subsidiary (together, the Group), which comprise the parent and consolidated statements of financial position as at 31 December 2014 and the parent and consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Parent and Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these parent and consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal controls as management determines is necessary to enable the preparation of parent and consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these parent and consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the parent and consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the parent and consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the parent and consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the parent and consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the parent and consolidated financial statements present fairly, in all material respects, the financial position of the Parent and the Group as at 31 December 2014, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards.

23 March 2015Port of SpainTrinidad, West Indies

Independent Auditor’s Report


Statement of Financial Position (Expressed in Trinidad and Tobago Dollars)

PARENT GROUP Year Ended Year Ended 31 December 31 December 2013 2014 2014 2013 $’000 $’000 Notes $’000 $’000

Restated ASSETS Restated Non-current Assets 546,528 534,437 Property, plant and equipment 5 534,437 546,528 1,471,381 1,579,393 Investment properties 6 1,579,393 1,471,381 154 – Other non-current assets – 154 42,474 41,563 Long-term investments 7 41,243 42,154 1,037 955 Available-for-sale financial assets 8 955 1,037 10,862 13,145 Deferred income tax assets 9 13,145 10,862 2,072,436 2,169,493 2,169,173 2,072,116

Current Assets 13,838 12,692 Inventory 10 12,692 13,838 26,660 22,145 Trade and other receivables 11 22,836 27,334 – 90 Taxation recoverable 829 739 54,614 55,589 Cash at bank and on hand 12 56,779 55,852

95,112 90,516 93,136 97,763

2,167,548 2,260,009 Total Assets 2,262,309 2,169,879

EQUITY AND LIABILITIES Equity Attributable To Owners of the Parent 139,968 139,968 Stated capital 13 139,968 139,968 (32) (32) Unallocated ESOP shares 14 (32) (32) 126,767 124,107 Revaluation reserves 15 124,107 126,767 1,527,217 1,633,928 Retained earnings 1,635,608 1,528,579

1,793,920 1,897,971 1,899,651 1,795,282

Non-current Liabilities 55,195 55,195 Floating rate bonds 2012 - 2016 16 55,195 55,195 61,039 71,027 Long and medium-term borrowings 17 71,027 61,039 26,926 33,815 Retirement benefit obligation 18.1 33,815 26,926 16,522 18,763 Casual employee retirement benefit 18.2 18,763 16,522 78,546 77,273 Deferred income tax liabilities 9 77,273 78,546 63,416 62,340 Deferred lease rental income 19 62,340 63,416

301,644 318,413 318,413 301,644



Restated Restated

Current Liabilities 619 5,031 Bank overdraft 12 5,031 619 23,188 4,443 Long and medium-term borrowings 17 4,443 23,188 3,658 4,248 Deferred lease rental income 19 4,248 3,658 44,223 28,543 Trade and other payables 20 29,161 45,192 296 1,360 Current income tax liabilities 1,362 296

71,984 43,625 44,245 72,953 373,628 362,038 Total Liabilities 362,658 374,597

2,167,548 2,260,009 Total Equity And Liabilities 2,262,309 2,169,879

The notes on pages 37 to 78 are an integral part of these parent and consolidated financial statements.

On 19 March 2015, the Board of Directors of Point Lisas Industrial Port Development Corporation Limited authorised these parent and consolidated financial statements for issue.

Comparative information in these parent and consolidated financial statements have been restated for the correction of a prior period error (See Note 31).

Director Director

Statement of Financial Position (continued) (Expressed in Trinidad and Tobago Dollars)


Statement of Comprehensive Income (Expressed in Trinidad and Tobago Dollars)


Restated Restated

264,339 273,015 Revenue 27 273,015 264,339 (92,281) (88,126) Direct costs 21 (87,134) (91,474)

172,058 184,889 Gross Profit 185,881 172,865

169,580 108,785 Unrealised fair value gains on investment properties 6 108,785 169,580 (85,445) (95,851) Administrative expenses 21 (96,385) (85,965) (75,128) (81,446) Other operating expenses 21 (81,446) (75,128)

181,065 116,377 Operating Profit 116,835 181,352 5,430 5,748 Investment income 22 5,748 5,430 (7,322) (6,038) Finance costs (6,040) (7,325)

179,173 116,087 Profit Before Taxation 116,543 179,457 (4,681) (1,233) Taxation 23.1 (1,371) (4,790)

174,492 114,854 Profit For The Year 115,172 174,667

Other Comprehensive Income

Items That May Be Subsequently Reclassified To Profit Or Loss 471 (82) Change in value of available-for-sale financial assets 8 (82) 471

Items That Will Not Be Reclassified To Profit Or Loss Gains on revaluation of land, buildings 45,620 – and own site improvements 5.2 – 45,620 Remeasurements of: 3,766 (4,825) Retirement benefit obligation 18.1 (4,825) 3,766 (127) 48 Casual employee retirement benefit 18.2 48 (127) 224,222 109,995 Total Comprehensive Income For The Year 110,313 224,397

Earnings Per Share

– – Basic Earnings Per Share 24 291¢ 441¢



Parent Investment Unallocated Stated Revaluation Revaluation ESOP Retained Shareholders’ Notes Capital Reserves Reserves Shares Earnings Equity $’000 $’000 $’000 $’000 $’000 $’000

Year Ended 31 December 2014Balance as at 1 January 2014 - Restated 139,968 126,296 471 (32) 1,527,217 1,793,920Transfer of revaluation reserve toretained earnings 15 – (2,578) – – 2,578 –Comprehensive income- Profit for the year – – – – 114,854 114,854Other comprehensive income- Change in value of available-for-sale financial assets 8 – – (82) – – (82)- Remeasurements of retirement benefit obligation 18.1 – – – – (4,825) (4,825)- Remeasurements of casual employee retirement benefit 18.2 – – – – 48 48Transactions with owners- Dividends 25 – – – – (5,944) (5,944)Balance as at 31 December 2014 139,968 123,718 389 (32) 1,633,928 1,897,971

Year Ended 31 December 2013

Balance as at 1 January 2013 139,968 81,769 – (32) 1,352,352 1,574,057Transfer of revaluation reserve to retained earnings 15 – (1,093) – – 1,093 –Comprehensive income- Profit for the year - Restated 31 – – – – 174,492 174,492Other comprehensive income- Change in value of available-for-sale financial assets 8 – – 471 – – 471- Gains on revaluation of land, buildings and own site improvements 5.2 – 45,620 – – – 45,620- Remeasurements of retirement benefit obligation 18.1 – – – – 3,766 3,766- Remeasurements of casual employee retirement benefit 18.2 – – – – (127) (127)Transactions with owners- Dividends – – – – (4,359) (4,359)Balance as at 31 December 2013 - Restated 139,968 126,296 471 (32) 1,527,217 1,793,920


Statement of Changes in Equity (Expressed in Trinidad and Tobago Dollars)


Statement of Changes in Equity (continued) (Expressed in Trinidad and Tobago Dollars)

Group Investment Unallocated Stated Revaluation Revaluation ESOP Retained Shareholders’ Notes Capital Reserves Reserves Shares Earnings Equity $’000 $’000 $’000 $’000 $’000 $’000

Year Ended 31 December 2014Balance as at 1 January 2014 - Restated 139,968 126,296 471 (32) 1,528,579 1,795,282Transfer of revaluation reserve to retained earnings 15 – (2,578) – – 2,578 –Comprehensive income- Profit for the year – – – – 115,172 115,172Other comprehensive income- Change in value of available-for-sale financial assets 8 – – (82) – – (82)- Remeasurements of retirement benefit obligation 18.1 – – – – (4,825) (4,825)- Remeasurements of casual employee retirement benefit 18.2 – – – – 48 48Transactions with owners- Dividends 25 – – – – (5,944) (5,944)Balance as at 31 December 2014 139,968 123,718 389 (32) 1,635,608 1,899,651

Year Ended 31 December 2013

Balance as at 1 January 2013 139,968 81,769 – (32) 1,353,539 1,575,244Transfer of revaluation reserve to retained earnings 15 – (1,093) – – 1,093 –Comprehensive income- Profit for the year - Restated 31 – – – – 174,667 174,667Other comprehensive income- Change in value of available-for-sale financial assets 8 – – 471 – – 471- Gains on revaluation of land, buildings and own site improvements 5.2 – 45,620 – – – 45,620- Remeasurements of retirement benefit obligation 18.1 – – – – 3,766 3,766- Remeasurements of casual employee retirement benefit 18.2 – – – – (127) (127)Transactions with owners- Dividends – – – – (4,359) (4,359)Balance as at 31 December 2013 – Restated 139,968 126,296 471 (32) 1,528,579 1,795,282




Restated Restated

65,603 35,906 Cash Generated From Operating Activities 26 35,996 66,195 (6,723) (6,842) Interest paid (6,844) (6,723) 4,629 4,872 Interest received 4,872 4,629

63,509 33,936 34,024 64,101 – (90) Income tax refundable (90) – (2,928) (2,132) Income tax paid (2,268) (3,038) 60,581 31,714 Net Cash Generated From Operating Activities 31,666 61,063 Cash Flows From Investing Activities (41,898) (21,719) Purchases of property, plant and equipment 5 (21,719) (41,898) (566) – Purchase of available-for-sale financial asset 8 – (566) – 358 Proceeds from sale of property, plant and equipment 358 – (3,894) 911 Increase in long-term investments 911 (3,894)

(46,358) (20,450) Net Cash Used In Investing Activities (20,450) (46,358)

Cash Flows From Financing Activities (25,909) (89,340) Repayment of long and medium-term borrowings (89,340) (25,909) 19,933 80,583 Proceeds from long and medium-term borrowings 80,583 19,933 (4,359) (5,944) Dividends paid (5,944) (4,359) (10,335) (14,701) Net Cash Used In Financing Activities (14,701) (10,335)

3,888 (3,437) Net Increase/(Decrease) In Cash And Cash Equivalents (3,485) 4,370

50,107 53,995 Cash And Cash Equivalents at Beginning Of Year 55,233 50,863

53,995 50,558 Cash And Cash Equivalents at End of Year 12 51,748 55,233


Statement of Cash Flows (Expressed in Trinidad and Tobago Dollars)


1 Incorporation And Principal Activities

Point Lisas Industrial Port Development Corporation Limited (the Corporation) was incorporated on 16 September 1966 under the laws of the Republic of Trinidad and Tobago and has a primary listing on the Trinidad and Tobago Stock Exchange. Its registered office is located at PLIPDECO House, Orinoco Drive, Point Lisas Industrial Estate, Point Lisas, Couva, Trinidad, West Indies. The Corporation Sole (Government of the Republic of Trinidad and Tobago) is owner of 51% of the issued share capital.

Point Lisas Terminals Limited, a wholly owned subsidiary, was incorporated in the Republic of Trinidad and Tobago in 1981 and is involved in the supply of labour to the parent company for its cargo handling operations at the port.

Point Lisas Industrial Port Development Corporation Limited and its wholly owned subsidiary, Point Lisas Terminals Limited (together, the Group), are engaged in the following activities:

Industrial estate – Development and maintenance of on- shore infrastructure, including a Free

Zone area, for the purpose of leasing.

Port operations – Manager and port operator. Cargo handling operations.

2 Summary Of Significant Accounting Policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

(a) Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC), interpretations applicable to Companies reporting under IFRS.

The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of land, buildings and own site improvements, available-for-sale financial assets and investment properties.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.

(i) New standards, amendments and interpretations adopted by the Group

The following standards have been adopted by the Group for the first time for the financial year beginning on or after 1 January 2014.

• Amendments to IAS 32, ‘Financial instruments: Presentation’ on offsetting financial assets and liabilities. This amendment clarifies that the right of set-off must not be contingent on a future event. It must also be legally enforceable for all counterparties in the normal course of business, as well as in the event of default, insolvency or bankruptcy. The amendment also considers settlement mechanisms. The amendment did not have a significant effect on the Group financial statements.

• Amendments to IAS 36, ‘Impairment of assets,’ on the recoverable amount disclosures for non-financial assets. This amendment removed certain disclosures of the recoverable amount of CGUs which had been included in IAS36 by the issue of IFRS 13.

• IFRIC 21, ‘Levies,’ sets out the accounting for an obligation to pay a levy if that liability is within the scope of IAS 37 ‘Provisions.’ The interpretation addresses what the obligating event is that gives rise to pay a levy and when a liability should be recognised. This has no impact on the Group.

Notes to the Financial Statements31 December 2014 (Expressed in Trinidad and Tobago Dollars)


(b) Consolidation

The consolidated financial statements include those of the parent company and its wholly owned subsidiary Point Lisas Terminals Limited. All inter-company transactions, balances and unrealised gains/losses have been eliminated in the preparation of the Group’s financial statements.

(i) Subsidiaries Subsidiaries are all entities (including structured entities) over

which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred.

Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.

In the parent company financial statements, the investment in

the subsidiary is shown at cost less impairment.

2 Summary Of Significant Accounting Policies (Continued)

(i) New standards, amendments and interpretations adopted by the Group (continued)

There are no other IFRSs or IFRICs interpretations that are effective for the first time for the financial year beginning on or after 1 January 2014 that had a material impact on the Group.

(ii) New standards, amendments and interpretations not yet adopted

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2014, and have not been applied in preparing the parent and Group financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Parent or Group, except the following set out below:

• IFRS 9, ‘Financial instruments,’ addresses the classification, measurement and recognition of financial assets and financial liabilities. The complete version of IFRS 9 was issued in July 2014. It replaces the guidance in IAS 39 that relates to the classification and measurement of financial instruments. IFRS 9 retains but simplifies the mixed measurement model and establishes three primary measurement categories for financial assets: amortised cost, fair value through OCI and fair value through P&L. The basis of classification depends on the entity’s business model and the contractual cash flow characteristics of the financial asset. Investments in equity instruments are required to be measured at fair value through profit or loss with the irrevocable option at inception to present changes in fair value in OCI not recycling. There is now a new expected credit losses model that replaces the incurred loss impairment model used in IAS 39. For financial liabilities there were no changes to classification and measurement. The standard is effective for accounting periods beginning on or after 1 January 2018. The Group is yet to assess IFRS 9’s full impact.







(ii) Changes in ownership interests in subsidiaries without change control

Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

(iii) Disposal of subsidiaries When the Group ceases to have control any retained interest

in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

(c) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the President and the management team, which is the team responsible for allocating resources and assessing performance of the operating segments and is also responsible for making strategic decisions.

(d) Foreign currency translation

(i) Functional and presentation currency Items included in the financial statements of each of the

Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). These consolidated financial statements are presented in Trinidad and Tobago dollars, which is the Group’s functional and presentation currency.

(ii) Transactions and balances Foreign currency transactions are translated into the

functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

(e) Property, plant and equipment

Land, own site improvements and buildings comprise mainly properties used in connection with the port operations and offices and are shown at fair value based, on valuations by external independent valuators, less subsequent depreciation for buildings and own site improvements. Independent valuations are performed with sufficient regularity to ensure that the fair value of a revalued asset does not differ materially from its carrying amount. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. All other property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised.



(e) Property, plant and equipment (continued)

All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.

Increases in the carrying amount arising on revaluation of land, own site improvements and buildings are credited to other comprehensive income and shown as revaluation reserves in shareholders’ equity. Decreases that offset previous increases of the same asset are

charged in other comprehensive income and debited against the revaluation reserves directly in equity; all other decreases are charged to the statement of comprehensive income. The difference between depreciation based on the revalued carrying amount of the asset charged to the statement of comprehensive income, and depreciation based on the asset’s original cost is transferred from “revaluation reserve” to retained earnings. See Note 15. Land is not depreciated. Depreciation on other assets is calculated at varying rates to allocate cost or revalued amounts of each asset to their residual values over their estimated useful lives. Depreciation is calculated as follows:

Office equipment, furniture and fittings - 12.5% - 25% reducing balance basisMotor vehicles - 25% reducing balance basisComputer equipment - 33.3% reducing balance basisOther assets - 10% - 25% reducing balance basisPort equipment - 6.67% straight-line basisBerths and piers - 2% straight-line basisOwn site improvements - 5% straight-line basisBridges - 1% straight-line basisEstate infrastructure - 1% straight-line basis







(e) Property, plant and equipment (continued)

Based on independent professional advice, buildings are being written off over their estimated useful lives, on the straight-line basis, over a period not in excess of thirty years.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting period. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are recorded within the statement of comprehensive income. On disposal of revalued assets, the amounts included in the revaluation reserves are transferred to retained earnings.

(f) Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are Grouped at the lowest levels for which there are largely independent cash inflows (cash generating units). Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

(g) Financial assets

Classification

The Group classifies its financial assets as loans and receivables, held-to-maturity investments and available-for-sale financial assets. The classification depends on the purpose for which the financial

assets were acquired. Management determines the classification of its financial assets at initial recognition.

(i) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period.

These are classified as non-current assets. The Group’s loans and receivables comprise ‘trade and other receivables’ and ‘cash and cash equivalents’ in the statement of financial position (Notes j and k).

Impairment testing of trade receivables is described in Note j.

(ii) Held-to-maturity investments

Management determines the classification of its investments at the time of purchase. Investments with a fixed maturity that management has the intent and ability to hold to maturity are classified as long-term investments (held-to-maturity) and are included in non-current assets. Held-to-maturity investments are carried at amortised cost using the effective yield method. For investments carried at amortised cost, gains and losses are recognised in income when the investments are derecognised or impaired as well as through the amortisation process.

Regular purchases and sales of financial assets are recognised on the trade date – that is, the date that the Group commits to purchase or sell the asset.

(iii) Available-for-sale financial assets

Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period.



(iii) Available-for-sale financial assets (continued)

Recognition and measurement

Regular purchases and sales of financial assets are recognised on the trade-date – the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the statement of comprehensive income as ‘gains and losses from investment securities’.

Interest on available-for-sale securities calculated using the effective interest method is recognised in the statement of comprehensive income as part of finance income. Dividends on available-for-sale equity instruments are recognised in the statement of comprehensive income as part of other income when the Group’s right to receive payments is established.

Available for sale financial assets are carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

(h) Investment properties

Investment properties, principally comprising freehold and leasehold land, are held for long-term rental yields and are not occupied by the Group. Investment properties are carried at fair value, representing open market value determined annually by independent external valuators. The fair value of investment properties reflects rental income from current leases and assumptions about rental income from future leases in light of current market conditions. Changes in fair value are recorded in the statement of comprehensive income.

(i) Inventories

Consumable spares are stated at cost, allowance having been made for slow moving and obsolete items. Cost is determined using the first-in, first-out (FIFO) method.

(j) Trade receivables

Trade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at fair value less provision for impairment. A provision for impairment of trade and other receivables

is established where there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade receivables are impaired. The carrying amount of the







(j) Trade receivables (continued)

asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the statement of comprehensive income within distribution costs. When a receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against finance costs in the statement of comprehensive income.

(k) Cash and cash equivalents In the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdraft. In the consolidated statement of financial position, bank overdraft is shown in current liabilities.

(l) Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

(m) Trade payables

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

(n) Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds (net of transaction costs) and the redemption value is recognised in the statement of comprehensive income over the period of the borrowings using the effective interest

method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.

The Group capitalises general and specific borrowing costs directly attributable to the acquisition, construction or production of a qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use.

(o) Current and deferred income tax

The tax expense for the period comprises current and deferred income tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax is calculated on the basis of the tax laws enacted or substantially enacted at the statement of financial position date.

Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current liabilities and when the deferred income tax asset and liabilities relate to income taxes levied by the same taxation authority.



(p) Employee benefits

Pension obligations

The Group operates a defined benefit pension plan for its eligible employees. Fund managers appointed by the trustees of the plan administer the funds of the plan. The pension plan is generally funded by payments from employees and the company, taking account of the recommendations of independent qualified actuaries.

Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on the following factors age, years of service and compensation.

The liability recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligations less the fair value of plan assets at the financial position date, together with adjustments for unrecognised actuarial gains or losses and past service costs.

The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method, and a full valuation is done every three years. The most recent completed actuarial valuation was as at 31 December 2014. Roll forward valuations, which are less detailed than full valuations are performed annually. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of long-term government securities that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.

Past-service costs are recognised immediately in income, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time (the vesting period).

In this case, the past service costs are amortised on a straight-line basis over the vesting period.

Casual employee retirement benefit

The Group has provided for casual employee retirement benefit in accordance with its collective agreement.

The benefit is for eligible employees who met several criteria as agreed with the bargaining body and the benefit is managed in house and financed by the Group. Lump sums will be paid as they fall due.

The liability recognised in the statement of financial position in respect of casual employee retirement benefit is the present value of the obligation at the financial position date, together with adjustments for unrecognised actuarial gains or losses.

The casual employee retirement benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the casual employee retirement benefit obligation is determined by discounting the estimated future cash outflows using interest rates of long-term government securities that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related benefit obligation.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.

Termination benefits

Benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to terminating employment of current employees according to a formal plan without the possibility of withdrawal. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits







(p) Employee benefits (continued)

Termination benefits (continued)

falling due more than 12 months after the end of the reporting period are discounted to their present value. Bonus plans

The Group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation. Liabilities for bonus plans are expected to be settled within 12 months.

Employee share ownership plan

The Group accounts for profit sharing entitlements which are settled in the shares of the parent company through an Employee Share Ownership Plan (ESOP) as an expense determined at market value. The cost of the unallocated shares of the parent company is recognised as a separate component within equity.

(q) Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of service rendered by employees up to the end of the reporting period.

(r) Leases

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis over the period of the lease.

(s) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable for the sale of services in the ordinary course of the Group’s activities. Revenue represents the amounts received and receivable for lease rents, port and warehousing services and management fees, and is shown net of value added tax, discounts and after eliminating sales within the Group.

The Group recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as follows:

(i) Investment property lease income (See Note u)

(ii) Port

The Group provides import, export and transhipment of containers and general cargo. The fees for these services include handling charges, storage rents, stuffing/unstuffing and other miscellaneous services. These are all based on an established tariff and are recognised in the period in which the services are provided.

(iii) Interest income

Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the Group.





(s) Revenue recognition (continued)

(iv) Dividend income

Dividend income is recognised when the right to receive payment is established.

(t) Dividend distribution

Dividend distribution to the Group’s shareholders is recognised as a liability in the Group’s financial statements in the period in which the dividends are approved by the Group’s Directors.

(u) Investment property lease income

Premiums

Leases between the parent company and tenants on the Industrial Estate are usually of two types, 30-year leases and 96 years and longer leases. The premiums received on leases are accounted for on a deferral basis. They are taken into income in equal annual amounts over the lives of the leases.

Commitment fees

Commitment fees received on all leases are taken into income upon receipt.

(v) Comparative Information

Comparative data have been adjusted to record a prior period error. The statements of financial position were presented as at the end of the current period, and the end of the previous period (which is the same as the beginning of the current period). Adjustments to previously reported information were made in accordance with the International Accounting Standard #8

– Accounting policies, changes in accounting estimatesand errors.

The impact of this restatement is summarised in Note 31 along with a description thereon.

3 Financial Risk Management

The Group has exposure to the following risks.3.1 Credit risk3.2 Liquidity risk3.3 Market risk

i) Foreign exchange riskii) Interest rate risk

The following contains information about the Group’s exposure to each of the above risks and the objectives, policies and processes for managing and measuring the risk. Further quantitative disclosures are also included.

3.1 Credit risk

The Group is exposed to credit risk, which is the risk that its customers and counterparties may cause a financial loss by failing to discharge their contractual obligations. Credit risk arises from cash equivalents, deposits with banks as well as outstanding receivables. The credit quality of customers, their financial position, past experience and other factors are taken into consideration in assessing credit risk. Management does not expect any losses from non-performance by counterparties. There was no concentration of risk due to the number and diversity of operations of the customer base.

Cash and deposits are held with a number of reputable financial institutions, with amounts varying between $7,000 and $26,000,000 (2013: $66,000 and $26,000,000). The maximum limit with any one financial institution is $50,000,000.



Notes to the Financial Statements



3 Financial Risk Management (continued)

3.1 Credit risk (continued)

a) Exposure to credit risk

The carrying amount of financial assets represents the maximum exposure to credit risk:

Group Fully Provision For Performing Past Due Impaired Impairment Total $’000 $’000 $’000 $’000 $’000 31 December 2014 Certificates of investment in T&T Government bonds 41,243 – – – 41,243 Cash at bank 56,702 – – – 56,702 Trade receivables 3,837 8,723 1,399 (1,399) 12,560

101,782 8,723 1,399 (1,399) 110,505 31 December 2013 Certificates of investment in T&T Government bonds 42,154 – – – 42,154 Cash at bank 55,788 – – – 55,788 Trade receivables 1,745 13,124 18 (18) 14,869

99,687 13,124 18 (18) 112,811




3 Financial Risk Management (Continued)

3.1 Credit risk (continued)

b) Impairment analysis

The main considerations for impairment include whether payments are in arrears for trade receivables. It is done on a specific loss component which relates to significant specific exposures (See Note 11).

3.2 Liquidity risk

Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they fall due. The Group’s liquidity risk management process is measured and monitored by senior management within the Group. This process includes:

• Monitoring cash flows and liquidity on a daily basis. This incorporates an assessment of expected cash flows and the availability of collateral which can be used to secure facilities.

• Maintaining committed lines of credit.• Maintaining liquidity ratios.

MoreGroup 1-2 2-5 than Contractual Carrying < 1 year years years 5 years cash flows amount $’000 $’000 $’000 $’000 $’000 $’000

31 December 2014Borrowings 9,997 66,026 20,553 56,961 153,537 130,665Bank overdraft 5,031 – – – 5,031 5,031Trade payables 8,369 – – – 8,369 8,369

TOTAL 23,397 66,026 20,553 56,961 166,937 144,065

More 1-2 2-5 than Contractual Carrying < 1 year years years 5 years cash flows amount $’000 $’000 $’000 $’000 $’000 $’00031 December 2013Borrowings 30,627 98,540 32,967 – 162,134 139,422Bank overdraft 619 – – – 619 619Trade payables 9,227 – – – 9,227 9,227

TOTAL 40,473 98,540 32,967 – 171,980 149,268

The fair values are based on cash flows discounted using the borrowing rates and the facilities drawn down at year end as disclosed in Notes 16

and 17.







3.2 Liquidity risk (continued)

Fair Carrying value amount $’000 $’00031 December 2014Fixed rate borrowings – –

There were no fixed rate loans as at 31 December 2014. 31 December 2013Fixed rate borrowings 40,744 37,323

3.3 Market risk

Market risk is the risk that the fair value of future cash flows of the financial instrument will fluctuate because of changes in market prices. The Group takes on exposure to market risks from changes in foreign exchange rates and interest rates. Market risk exposures are measured using sensitivity analysis.

(i) Foreign exchange risk

Foreign exchange risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US Dollar. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities.

The Group manages its foreign exchange risk by the following:

• Ensuring that the net exposure in foreign assets and liabilities is kept to an acceptable level by monitoring currency positions.

• Holding foreign currency balances.• Invoicing only in a stable exchange currency like the US$

or in TT$.

The impact on the statement of comprehensive income at 31 December 2014 if the US$ strengthened/weakened against the TT$ by an average rate of 5% is a loss or gain of $1,284,477 (2013: $1,902,585) respectively.

(ii) Interest rate risk

Interest rate risk is the risk that the value of future cash flows of a financial instrument will fluctuate because of changes in market rates. The Group finances its operations through a mixture of retained profits and borrowings. The Group is also exposed to interest rate risk on cash held on deposit and borrowings. The Group manages the interest rate risk by maintaining an appropriate mix of fixed and variable rate instruments. At 31 December 2014, there were no fixed rate interest borrowings for the Group (2013: 12%).

Carrying Carryinga) Profile Amount Amount 2014 2013 $’000 $’000

Fixed Rate InstrumentsSecured borrowings – 37,323

Variable Rate InstrumentsSecured floating rate bonds 55,195 55,195Secured borrowings 75,470 46,904Bank overdraft 5,031 619



3.3 Market risk (continued)

(ii) Interest rate risk (continued)

b) Sensitivity analysis – Variable Rate Instruments

Increase (Decrease) /decrease /increase In US effect on Libor profit % $’000

2014 +20 (18) -15 13

2013 +20 (272) -15 204

(iii) Contractual cash flows of floating rate borrowings MoreGroup 1-2 2-5 than Contractual Carrying < 1 year years years 5 years cash flows amount $’000 $’000 $’000 $’000 $’000 $’00031 December 2014Borrowings 9,997 66,026 20,553 56,961 153,537 135,696

More 1-2 2-5 than Contractual Carrying < 1 year years years 5 years cash flows amount $’000 $’000 $’000 $’000 $’000 $’00031 December 2013Borrowings 19,723 84,835 10,872 – 115,430 102,718







3.4 Capital risk management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including ‘current and non-current borrowings’ as shown in the consolidated statement of financial position) add bank overdraft less cash and cash equivalents. Total capital is calculated as ‘shareholders’ equity’ as shown in the consolidated statement of financial position plus net debt. Gearing is the measure of financial leverage, demonstrating the degree to which the Group’s activities are funded by owner’s funds versus creditor’s funds.

The Group’s policy is to keep the ratio at less than or equal to 50%.

The gearing ratios as at 31 December 2014 and 2013 were as follows: 2014 2013Group $’000 $’000 Restated

Total borrowings (including overdraft) 135,696 140,041Less: cash at bank and on hand and short-term bank deposits (56,779) (55,852)

Net debt 78,917 84,189

Total equity 1,899,651 1,795,282

Total capital 1,978,568 1,879,471

Gearing ratio 4% 4%

4 Critical Accounting Estimates And Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Pension benefits

The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of obligations.




4 Critical Accounting Estimates And Judgements (continued)

Pension benefits (continued)

The parent company determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the obligations. In determining the appropriate discount rate, the company considers the interest rates of long-term Government securities that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability.

Other key assumptions for pensions are based in part on current market conditions. Additional information is disclosed in Note 18.1. The impact of a one per cent increase or decrease in the discount rate or future salary increases is disclosed in Note 18.1.

These assumptions affect the deferred tax asset calculated on the pension benefit liability. Casual employee retirement benefit

The present value of the retirement benefit depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for the benefit include the discount rate. Any changes in these assumptions will impact the carrying amount of obligations.

The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the obligations. In determining the appropriate discount rate, the Group considers the interest rates of long term Government securities that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related benefit liability.

Other key assumptions for retirement benefit are based in part on current market conditions. Additional information is disclosed in Note 18.2. The impact of a one per cent increase or decrease in the discount rate or future salary increases is disclosed in Note 18.2.

There is limited experience data on casual employees hence management has used the same assumptions as that of the pension plan.

These assumptions affect the deferred tax asset calculated on the casual employee retirement benefit liability.

Investment properties

The Group has adopted the investment method to ascertain open market values of the investment properties. This involves the capitalisation of the estimated net rental income from a property by a year’s purchase (multiplier) to arrive at a capital value for the property. The open market value represents the best price at which interest in a property might reasonably be expected to be sold at the end of the financial year.






5 Property, Plant And Equipment – Parent/Group Berths Equipment, Capital

Own Site Estate And Port Furniture And Work In Land Improvements Infrastructure Piers Equipment Buildings Fittings Progress Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000Year Ended 31 December 2014Opening net book amount 80,675 60,694 59,704 160,248 121,316 45,236 14,707 3,948 546,528Additions – – – – – – 1,368 20,351 21,719Transfers – 1,169 2,772 696 350 133 3,383 (8,503) –Disposals/adjustments – – – – (115) – (357) – (472)Depreciation – (4,894) (1,318) (4,404) (13,906) (4,300) (4,516) – (33,338)

Closing net book amount 80,675 56,969 61,158 156,540 107,645 41,069 14,585 15,796 534,437

At 31 December 2014Cost/valuation 80,675 61,863 80,581 220,625 238,961 45,369 64,012 15,796 807,882 Accumulated depreciation – (4,894) (19,423) (64,085) (131,316) (4,300) (49,427) – (273,445)

Net book amount 80,675 56,969 61,158 156,540 107,645 41,069 14,585 15,796 534,437

Year Ended 31 December 2013Opening net book amount 53,420 51,029 61,009 164,647 103,167 36,893 14,858 189 485,212Additions – 835 – – 10,002 – 3,965 27,096 41,898Transfers – 1,975 – – 20,256 314 792 (23,337) –Revaluation (Note 5.2) 27,255 13,435 – – – 11,052 – – 51,742Disposals/adjustments – (2,339) – – (1) – (75) – (2,415)Depreciation – (4,241) (1,305) (4,399) (12,108) (3,023) (4,833) – (29,909)

Closing net book amount 80,675 60,694 59,704 160,248 121,316 45,236 14,707 3,948 546,528

At 31 December 2013Cost/valuation 80,675 60,694 77,808 219,928 243,715 45,236 60,130 3,948 792,134Accumulated depreciation – – (18,104) (59,680) (122,399) – (45,423) – (245,606)

Net book amount 80,675 60,694 59,704 160,248 121,316 45,236 14,707 3,948 546,528

At 31 December 2012Cost/valuation 53,420 59,138 77,808 219,928 231,157 42,897 57,084 189 741,621Accumulated depreciation – (8,109) (16,799) (55,281) (127,990) (6,004) (42,226) – (256,409)

Net book amount 53,420 51,029 61,009 164,647 103,167 36,893 14,858 189 485,212


5 Property, Plant And Equipment (Continued)

5.1 The land, buildings and own site improvements were last revalued on 31 December 2013 by Raymond & Pierre, Chartered Valuation Surveyors. The valuation surveyors used the Depreciated Replacement Cost Method to determine the values of land, buildings and own site improvements.

This basis of valuation was used due to the specialised nature of the properties, derived from the exigencies of the operations. The revaluation surplus net of applicable deferred income tax was credited to revaluation reserve.

The following table analyses the non-financial assets carried at fair value. The different levels have been defined as follows:

– Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

– Inputs other than quoted prices included within level one that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

– Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

Fair value measurements as at 31 December 2014 using Quoted prices In active markets Significant Significant for identical other unobservable assets observable inputs inputs (level 1) (level 2) (level 3) $’000 $’000 $’000Recurring fair value measurements- Land – 80,675 –- Buildings – 45,236 –- Own site improvements – 60,694 –

Fair value measurements as at 31 December 2013 using

Quoted prices In active markets Significant Significant for identical other unobservable assets observable inputs inputs (level 1) (level 2) (level 3) $’000 $’000 $’000Recurring fair value measurements- Land – 80,675 –- Buildings – 45,236 –- Own site improvements – 60,694 –






5.3 If the land, buildings and own site improvements were stated on the historical cost basis, the amounts would be as follows:

2014 2013 $’000 $’000

Cost 97,249 95,947Accumulated depreciation (54,706) (49,251)

Net carrying amount 42,543 46,696

5.4 Depreciation expense has been included in ‘other operating expenses’.

5.5 Borrowings are secured on all property, plant and equipment.

5.6 The subsidiary has no property, plant and equipment.

5 Property, Plant And Equipment (Continued)

5.1 The land, buildings and own site improvements were last revalued on 31 December 2013 by Raymond & Pierre, Chartered Valuation Surveyors. The valuation surveyors used the Depreciated Replacement Cost Method to determine the values of land, buildings and own site improvements. (continued)

There were no transfers between levels one and two during the year.

Level 2 fair values of land has been derived using the Sales Comparison Approach. Sales prices of comparable land in close proximity are adjusted for differences in key attributes such as property size. The most significant input into this valuation approach is price per square foot.

Level 2 fair value of buildings and own site improvements have been derived using the Depreciated Replacement Cost Method. Under the Depreciated Replacement Cost Method, the gross replacement costs of the buildings were estimated and appropriate deductions were made for economic and functional obsolescence and environmental factors in order to arrive at a net or depreciated replacement cost. Gross replacement costs include the costs of infrastructural works and professional fees. The most significant input into this valuation approach is the construction price per square foot.

5.2 The gains on revaluation of land, buildings and own site improvements were recorded in revaluation reserve net of deferred income tax as follows:

2014 2013 $’000 $’000

Revaluation – 51,742Deferred income tax – (6,122)

Other comprehensive income – 45,620


PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000 6 Investment Properties

30-year leases:1,240,680 1,410,260 At beginning of year 1,410,260 1,240,680 169,580 108,785 Unrealised fair value gains 108,785 169,580 1,410,260 1,519,045 At end of year 1,519,045 1,410,260 61,121 60,348 96 years and longer leases 60,348 61,121

1,471,381 1,579,393 At the end of year 1,579,393 1,471,381

Thirty-year leases are stated at fair value. The Group’s investment properties were valued at 31 December 2014 by independent professionally qualified valuers, Raymond & Pierre Chartered Valuation Surveyors, who hold a recognised relevant professional qualification and have recent experience in the locations and segments of the investment properties valued. For all investment properties, their current use equates to the highest and best use. The valuation is based upon Open Market Value which comprises both the Investment Method and Direct Capital Comparison Method. The Group’s Finance department reviews the valuations performed by the independent valuers for financial reporting purposes. This department reports directly to the Vice President of Business Services. Discussions of valuations processes and results are held between the Vice-President of Business Services, the Estate department, the Finance department and the independent valuers at least once every quarter, in line with the Group’s quarterly reporting dates.

At each financial year end the Finance Department:• verifies all major inputs to the independent valuation report;• assesses property valuation movements when compared to the prior year

valuation report;• holds discussions with the independent valuer.

Under the Investment Method, the estimated net rental income from a property by a years purchase (multiplier) is calculated to arrive at a capital value for the property. The net income is derived from an estimated gross income less outgoings i.e. rates, insurance, repairs and management allowance. The present value is obtained by discounting at the risk free rate of five per cent. The valuation also assumes that all tenants will have renewal clauses in their leases which will extend the lease for the additional 30 years.

Under the Direct Capital Comparison Method, sales of comparable properties are analysed to determine a value for the property under consideration.

The following table analyses the non-financial assets carried at fair value. The different levels have been defined as follows:– Quoted prices (unadjusted) in active markets for identical assets or

liabilities (Level 1).– Inputs other than quoted prices included within level one that are observable

for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

– Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).






6 Investment Properties (Continued)

Fair value measurements using

Quoted prices In active markets Significant Significant for identical other unobservable assets observable inputs inputs (level 1) (level 2) (level 3) $’000 $’000 $’000 Year Ended 31 December 2014 Recurring fair value measurements – Investment Properties – 1,519,045 –

Year Ended 31 December 2013Recurring fair value measurements – Investment Properties – 1,410,260 –

The valuation surveyors used the Open Market Value Method to determine the values of Investment Properties. Level 2 fair values have been derived using the Open Market Value Method. Evidence of arm’s length open market transactions of similar lands were analysed and the results applied to the subject lands after taking into consideration appropriate adjustments for location, size and other relevant factors. The most significant input into this valuation approach is future rental cash inflows based on the actual location and quality of the properties and supported by the terms of any existing leases.

PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000

The following amounts have been recognised in the statement of comprehensive income

68,976 75,480 Lease rental income (Note 27) 75,480 68,976(1,701) ( 1,710) Costs arising from investment properties (1,710) (1,701)


PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000 7 Long-Term Investments

Held-to-maturity Certificates of Investment in Trinidad & 42,154 41,243 Tobago Government Bonds (Note 16) 41,243 42,154

Investment in subsidiary Point Lisas Terminals Limited (100%) 320 320 320,002 shares of no par value – –

42,474 41,563 41,243 42,154

8 Available-For-Sale Financial Assets – 1,037 At beginning of year 1,037 – 566 – Purchase – 566 471 (82) Change in value transferred to equity (82) 471

1,037 955 At end of year 955 1,037

Available-for-sale financial assets comprise solely of securities listed on the Trinidad and Tobago Stock Exchange and are denominated in Trinidad and Tobago Dollars. This valuation method is categorised as Level 1 as it utilises quoted prices in active markets.




PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000 Restated 9 Deferred Taxation Restated

58,891 67,684 At beginning of year – as restated 67,684 58,891 Tax on remeasurement of defined benefit obligation recognised in other 1,256 (1,609) comprehensive income (Note 18.1) (1,609) 1,256 Tax on remeasurement of casual employee retirement benefit recognised in – 16 other comprehensive income (Note 18.2) 16 – Tax on gains on revaluation of buildings and own site improvements recognised in 6,122 – other comprehensive income (Note 5.2) – 6,122 5,546 (1,963) Charge for the year (Note 23) (1,963) 5,546

71,815 64,128 At end of year – as previously reported 64,128 71,815 Restatement due to casual employee (4,131) – retirement benefit (Note 31) – (4,131)

67,684 64,128 At end of year 64,128 67,684

The deferred income tax (asset)/liability in the statement of financial position and the deferred income tax charge/(credit) in the statement of comprehensive income are attributable to the following:

Parent/Group Charge Charge/(Credit) to to 2013 OCI SOCI 2014 $’000 $’000 $’000 $’000 Year Ended 31 December 2014 Deferred income tax liabilities Accelerated tax depreciation 66,832 – (315) 66,517 Revaluation of buildings and own site improvements 11,714 – (958) 10,756

78,546 – (1,273) 77,273 Deferred income tax assets Casual employee retirement benefit (4,131) 16 (576) (4,691) Retirement benefit obligation (6,731) (1,609) (114) (8,454)

(10,862) (1,593) (690) (13,145) Net deferred income tax liabilities 67,684 (1,593) (1,963) 64,128




9 Deferred Income Tax (Continued)

Credit Charge/(Credit) Parent/Group (continued) to to 2012 OCI SOCI 2013 $’000 $’000 $’000 $’000 Year Ended 31 December 2013 Deferred income tax liabilities Accelerated tax depreciation 62,639 – 4,193 66,832 Revaluation of buildings and own site improvements 6,060 6,122 (468) 11,714

68,699 6,122 3,725 78,546

Deferred income tax assets - Restated Taxation losses (2,928) – 2,928 – Casual employee retirement benefit (Note 31) – (42) (4,089) (4,131) Retirement benefit obligation (6,880) 1,256 (1,107) (6,731)

(9,808) 1,214 (2,268) (10,862)

Net deferred income tax liabilities 58,891 7,336 1,457 67,684

10 Inventory

The inventory balance comprises consumable maintenance spares and is shown net of provision for obsolete spares of $1,669,000 (2013: $1,669,000).

PARENT GROUP 2013 2014 2014 2013$’000 $’000 $’000 $’000

11 Trade And Other Receivables

14,887 13,959 Trade receivables 13,959 14,887 (18) (1,399) Less: provision for impairment (1,399) (18)

14,869 12,560 Trade receivables – net 12,560 14,869 5,794 4,511 Other receivables and prepayments 5,202 6,468 5,997 5,074 Value added tax 5,074 5,997

26,660 22,145 22,836 27,334




11 Trade And Other Receivables (continued)

Trade receivables that are less than three months past due are not considered impaired. Payments on invoices are due 30 days after issue. The creation and release of provision for impaired receivables have been included in ‘administrative expenses’ in the statement of comprehensive income. Trade receivables of $8,723,000 (2013: $13,124,000) were past due but not impaired. These relate to a number of customers for whom there is no recent history of default. The ageing analysis of trade receivables in arrears is as follows:

2014 2013 $’000 $’000

Up to 1 month 945 1,5451 to 2 months 729 660Over 2 months 7,049 10,919

8,723 13,124 As of 31 December 2014, trade receivables of $1,399,000 (2013:

$18,000) were impaired and fully provided for. The individually impaired receivables mainly relate to customers, which are in unexpectedly

difficult economic situations. The ageing of these receivables is as follows:

2014 2013 $’000 $’000

Over 12 months 1,399 18

Movements on the Group’s provision for impairment of trade receivables are as follows:

At 1 January 18 2 Unused amounts reversed – – New provision 1,381 16

At 31 December 1,399 18

The carrying amounts of trade and other receivables are denominated in Trinidad and Tobago Dollars.

The fair value of trade and other receivables amounts to $22,836,000 (2013: $27,334,000).

The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable mentioned above. The Group does not hold any collateral as security.

PARENT GROUP 2013 2014 2014 2013 $’000 $’000 12 Cash And Cash Equivalents $’000 $’000

– 5,718 Cash - restricted 5,718 –13,326 8,917 Current bank and cash balances 10,107 14,564 41,288 40,954 Short-term bank deposits 40,954 41,288

54,614 55,589 Cash at bank and on hand 56,779 55,852 (619) (5,031) Bank overdraft (5,031) (619)

53,995 50,558 51,748 55,233




12 Cash and Cash Equivalents (continued)

Restricted cash represents funds from matured certificates of investment in Trinidad and Tobago Investment Bonds (Note 7) which will be used solely to repay the floating rate bonds at the redemption date (See Note 16). This restriction is internally enforced to ensure the funds are available upon the loan redemption date.

The effective interest rates on cash and short-term deposits were between 0.8% and 1.25% (2013: 0.33% and 1.5%) per annum. Short term deposits have original maturities of three months or less.

The Corporation has unsecured overdraft facilities of $22,500,000. Interest is charged at the average rate of 6.75% per annum (2013: 6.5% per annum).

PARENT GROUP 2013 2014 2014 2013 $’000 $’000 13 Stated Captital $’000 $’000

Authorised: An unlimited number of ordinary shares of no par value An unlimited number of preference shares of no par valueIssued and fully paid: 39,625,684 ordinary shares

139,968 139,968 of no par value 139,968 139,968

14 Employee Share Ownership Plan (ESOP) – Parent/Group No of 2014 2013 Shares $’000 $’000

Fair value of shares held – unallocated 6 34 34Fair value of shares held – allocated 224 829 829

230 863 863Cost of unallocated ESOP shares 32 32Charge to earnings for shares allocated to employees – –

The parent company operates an Employee Share Ownership Plan (ESOP) to give effect to a contractual obligation to pay profit sharing bonuses to employees via shares of the parent company based on a set formula. Employees may acquire additional company shares to be held in trust by the Trustees but the costs of such purchases are for the employee’s account. All permanent employees of the parent company and its subsidiary Point Lisas Terminals Limited (PLTL) are eligible to participate in the Plan that is directed by a Management Committee comprising management of the company and representatives of the general membership. Independent Trustees are engaged to hold

in trust all shares in the Plan as well as to carry out the necessary administrative functions. Shares acquired by the ESOP are funded by company contributions and cash advances by the company to the ESOP. The cost of the shares so acquired and which remain unallocated to employees have been recognised in Shareholders’ Equity under ‘Unallocated ESOP Shares’. Any further dealings in the shares will be credited against the same account at fair value. The fair value of shares was derived from the closing market price prevailing on the Trinidad and Tobago Stock Exchange at the year-end.




PARENT GROUP 2013 2014 2014 2013 $’000 $’000 15 Revaluation Reserves $’000 $’000

81,769 126,767 At beginning of year 126,767 81,769

45,620 – Revaluation of land and building (Note 5.2) – 45,620 Fair value gain/(loss) of available-for-sale 471 (82) financial assets (Note 8) (82) 471 (1,093) (2,578) Transfer to retained earnings (2,578) (1,093) 126,767 124,107 At end of year 124,107 126,767

16 Floating Rate Bonds 2012 – 2016

The parent company raised via an issue of bonds the sum of $55,195,094 on 30 May 1994 through Citibank (Trinidad and Tobago) Limited, from which $49,776,497 was used to repay bonds managed by Clico Investment Bank Limited and RBTT Merchant Bank Limited. The balance of $5,418,597 was invested by the trustee in Certificates of Investment in Trinidad and Tobago Government Bonds yielding interest at 11% per annum (Note 7). This shall fully provide for repayment of the loan at the redemption date. The bonds are redeemable at par on 30 November 2016 subject to a conditional prepayment option on or after 30 November 2012. This option has not been exercised up to 31 December 2014.

Citibank (Trinidad and Tobago) Limited retired as trustees and a new trust deed was executed between RBC Trust (Trinidad and Tobago)

Limited and Point Lisas Industrial Port Development Corporation Limited. Consequently, the charge by way of mortgages over certain freehold lands of the parent company, leases granted by the parent company in respect thereof and the rents arising therefrom, was executed in favour of RBC Trust (Trinidad and Tobago) Limited to be exercised in event of default of payment.

Interest is payable semi-annually at a floating rate set at one per cent per annum below the average prime rate of licensed commercial banks. The rate is set at the beginning of each interest period, that is, 30 May and 30 November of each year. The rate in effect at 31 December 2014 was 6.5% (2013: 6.5%).




PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000 17 Long and Medium-Term Borrowings

42,880 75,470 First Citizens Bank Limited 75,470 42,880 17,328 – T&T Unit Trust Corporation – 17,328 23,957 – Scotiabank Trinidad and Tobago Limited – 23,957 62 – General Finance Corporation Limited – 62

84,227 75,470 75,470 84,227 (23,188) (4,443) Less: Current portion (4,443) (23,188)

61,039 71,027 71,027 61,039

First Citizens Bank Limited

In September 2007, the Corporation established a US$ term loan facility with First Citizens Bank Limited for US$15,260,000. The amount drawn down on this facility was US$13,320,000 and was amortised over 10 years with a two-year moratorium on principal payments, followed by 16 semi-annual payments of US$832,500 which commenced in September 2008. Interest was charged at a rate of six month Libor plus 1.5% (present effective: 1.8685%). The loan was secured by chattel mortgage over assets financed.

On 18 December 2014, the Corporation established three Term Loan facilities with First Citizens’ Bank Limited as follows.

Facility (i) for US$12,390,428 of which US$10,371,946 was drawn down to settle existing loans. The loan is repayable over 10 years by 19 semi-annual principal instalments of US$413,014 and a final bullet payment of US$4,543,162.

Facility (ii) for TT$117,743,430 of which TT$9,520,123 was drawn down for Infrastructural repairs to the Port. The loan is repayable over 10 years with a one-year moratorium, followed by 17 semi-annual principal instalments of TT$3,924,781 with a final bullet payment of TT$51,022,153.

Facility (iii) for US$800,000 will be used to purchase Port Equipment and is to be repaid over five years by 10 semi-annual principal instalments of US$80,000. There were no drawn down on facility (iii) at year end.

Interest on the above facilities is based on the bank’s US Dollar money market rate and is reset every six months. The present effective rate is three per cent per annum. The loans are secured by a charge over the fixed and floating assets including uncalled capital.

Trinidad & Tobago Unit Trust Corporation

In September 2005, the Corporation established a US$ term loan facility with Trinidad and Tobago Unit Trust Corporation for US$9,047,763. The loan was amortised over 10 years with a two-year moratorium on principal payments, followed by 16 semi-annual payments of US$725,818 which commenced in March 2008. Interest was charged at the fixed rate of 6.20% per annum.

This loan was repaid from refinancing obtained from First Citizens Bank Limited on 18 December 2014.




17 Long And Medium-Term Borrowings (continued)

Scotiabank Trinidad and Tobago Limited

In March 2004, the Corporation established a US$ Non-Revolving Term Loan facility with Scotiabank Trinidad and Tobago Limited for US$12,750,000. The sum of US$11,752,377 was used to refinance existing loans. In November 2009, the Corporation restructured the loan and repaid a bullet payment of $2,345,236 reducing the loan balance to US$5,000,000. The loan was repayable by eight semi-annual instalments of US$ 625,000, which commenced in November 2010. Interest was based on the bank’s US dollar money market rate which was reset every six months. The present effective rate was 3.9% for 2014. The loan was secured by a charge over the fixed and floating assets including uncalled capital.

In September 2013, the Corporation established a US$ Non-Revolving Term Loan facility with Scotiabank Trinidad and Tobago Limited for US$6,250,000. The amount drawn down on this facility was US$804,059 in the current year.

These loans were repaid from refinancing obtained from First Citizens Bank Limited on 18 December 2014.

General Finance Corporation Limited/Ansa Merchant Bank Limited

The loan with General Finance Corporation Limited was repaid by monthly instalments of $3,611. Interest was charged at the rate of 9 per cent per annum and was secured by the asset financed. This loan was repaid on 31 October 2014.

The carrying amounts of the Group’s borrowings (Notes 16 and 17) are denominated in the following currencies:

2014 2013 $’000 $’000

US Dollar 65,950 84,165TT Dollar 64,715 55,257

130,665 139,422

18.1 Retirement Benefit Obligation

Parent/GroupThe Group operates a defined benefit pension plan based on employee pensionable remuneration and length of service. The plan is operated in accordance with a Trust Deed between the parent company and First Citizens Trustee Services Limited dated 19 July 1985.

2014 2013 $’000 $’000Net liability in the statement of financial position Present value of defined benefit obligation 173,534 153,204Fair value of assets (139,719) (126,278)

Net defined benefit obligation 33,815 26,926

Movement in present value of defined benefit obligation Defined benefit obligation at start of year 153,204 139,995Current service cost 9,806 9,754Interest cost 7,566 6,899Members’ contributions 2,895 1,855Experience adjustments 3,896 (1,228)Benefits paid (3,833) (4,071)

Defined benefit obligation at end of year 173,534 153,204 2014 2013

The defined benefit obligation is allocated between the plan’smembers as follows;Active members 76% 73%Deferred members 5% 6%Pensioners 19% 21%

The weighted average duration of the defined benefit obligation atyear end: 16.6 yrs 16.6 yrs

96% of the benefits for active members are vested.31% of the defined benefit obligation for active members is conditional on future salary increases.




18.1 Retirement Benefit Obligation (Continued) 2014 2013Movement in fair value of plan assets $’000 $’000Plan assets at start of year 126,278 112,473Expected return on plan assets 6,547 5,729Actuarial (gain)/loss (2,538) 3,794Company contributions 10,844 6,933Members’ contributions 2,895 1,855Benefits paid (3,833) (4,071)Expense allowance (474) (435)

Plan assets at end of year 139,719 126,278 Actual return on plan assets 4,009 9,523

Asset allocation

Locally listed equities 24,885 21,483Overseas equities 11,693 11,005Government bonds 41,248 29,762Corporate bonds 50,195 46,208Cash and cash equivalents 7,100 12,653Other (immediate annuity policies) 4,598 5,167

Fair value of plan assets at end of year 139,719 126,278

The asset values as at 31 December 2014 were provided by the Plan’s Investment Manager (First Citizens Asset Management Limited). Overseas equities have quoted prices in active markets. Local equities also have quoted prices but the market is relatively illiquid. The Investment Manager calculates the fair value of the Government bonds and corporate bonds by discounting expected future proceeds using a constructed yield curve. The value of the Plan’s annuity policies with CLICO was estimated using the same assumptions used to calculate the defined benefit obligation. The value of these policies is not quoted and is reliant on CLICO’s financial strength.

The majority of the plan’s Government bonds were issued by the Government of Trinidad and Tobago, which also guarantees many of the corporate bonds held by the plan.

The Plan’s assets are invested in accordance with a strategy agreed between the Plan’s Trustee and Management Committee. This strategy is largely dictated by statutory constraints (at least 80% of the assets must be invested in Trinidad & Tobago and no more than 50% in equities) and the availability of suitable investments. There are no asset-liability matching strategies used by the Plan other than the decision to purchase immediate annuity policies to secure some pensions in payment and in deferment.

Expense recognised in the statement of comprehensive income

2014 2013 $’000 $’000

Current service cost 9,806 9,754Net Interest on net defined benefit liability 1,019 1,170Administration expense allowance 474 435

Pension expense (Note 21.1) 11,299 11,359

Remeasurements recognised in other comprehensive income Experience losses/(gains) 6,434 (5,022)Deferred income tax (Note 9) (1,609) 1,256Total amount recognised in othercomprehensive income 4,825 (3,766)

Reconciliation of opening and closing statement of financial position entries

Opening net defined benefit obligation 26,926 27,522 Pension expense 11,299 11,359Remeasurements recognised in othercomprehensive income 6,434 (5,022)Company contributions paid (10,844) (6,933)Closing net defined benefit obligation 33,815 26,926

Actuarial losses/(gains) recognised in the statement of comprehensive income in the year 6,434 (5,022)




18.1 Retirement Benefit Obligation (Continued)

Summary of principal assumptions 2014 2013 $’000 $’000 Per Per Annum Annum

Discount rate 5.00% 5.00%Underlying salary and wage inflation 4.00% 4.00%Promotional/merit increases 1.00% 1.00%Average individual salary increases 5.00% 5.00%Future pension increases 0.00% 0.00%

Assumptions regarding future mortality are based on published mortality tables. The life expectancies underlying the value of the defined benefit obligation as at 31 December 2014 are as follows:

2014 2013

Life expectancy at age 60 for current pensioner in years- Male 21 21- Female 25.1 25.1

Life expectancy at age 60 for current members age 40 in years- Male 21.4 21.4- Female 25.4 25.4

Sensitivity analysis

The calculation of the defined benefit obligation is sensitive to the assumptions used. The following table summarises how the defined benefit obligation as at 31 December 2014 would have changed as a result of a change in the assumptions used. 1% pa 1% pa increase decrease $’000 $’000

Discount rate 31,167 (24,383)Future salary increases (10,452) 11,982

An increase of one year in the assumed life expectancies shown above would increase the defined benefit obligation at 31 December 2014 by $2.435 million.

These sensitivities were computed by recalculating the defined benefit obligations using the revised assumptions.

Funding

The Group meets the balance of the cost of funding of the defined benefit pension plan and the Group must pay contributions at least equal to those paid by members, which are fixed. The funding requirements are based on regular (at least every three years) actuarial valuations of the plan and the assumptions used to determine the funding required may differ from those set out above. The Group expects to pay $12.1 million to the pension plan during 2015.

18.2 Casual Employee Retirement Benefit

Parent/GroupThe Group implemented a retirement benefit for casual employees in 2013. The introduction of this benefit has resulted in a liability of $16,522,000 as at 31 December 2013 (See Note 31).

2014 2013 $’000 $’000Net liability in the statement of financial position Present value of retirement benefit obligation 18,763 16,522




18.2 Casual Employee Retirement Benefit (Continued) 2014 2013

$’000 $’000Movement in present value of retirement benefit obligation Retirement benefit obligation at start of year 16,522 14,565Current service cost 2,124 1,865Interest cost 811 709Experience adjustments (64) 169Benefits paid (630) (786)

Retirement benefit obligation at end of year 18,763 16,522

2014 The retirement benefit obligation is allocated between the members as follows:

Casual employees 97% Former casual employees made permanent 2% Outstanding benefits 1%

The weighted average duration of the retirement benefit obligation at year end 16.2 yrs 12% of the benefits are vested.45% of the retirement obligation is conditional on future salary increases.Expense recognised in the statement of comprehensive income 2014 2013 $’000 $’000

Current service cost 2,124 1,865Net interest on net retirement benefit liability 811 709Casual employee retirement benefit expense (Note 21.1) 2,935 2,574

Re-measurements recognised in other comprehensive income

2014 2013 $’000 $’000

Experience (gains)/losses (64) 169Deferred income tax (Note 9) 16 (42)Total amount recognised in other comprehensive income (48) 127

Reconciliation of opening and closing statement of financial position entries

Opening net retirement benefit liability 16,522 14,565Net benefit cost 2,935 2,574Remeasurements recognised in othercomprehensive income (64) 169Lump sums paid (630) (786)

Closing retirement benefit liability 18,763 16,522

Summary of principal assumptions 2014 2013

Discount rate 5.00% 5.00%

Average individual pay increases 4.00% 4.00%

Sensitivity analysis

The calculation of the retirement benefit obligation is sensitive to the assumptions used. The following table summarises how the retirement benefit obligation as at 31 December 2014 would have changed as a result of a change in the assumptions used.

1% pa 1% pa increase decrease $’000 $’000Discount rate (2,609) 3,227Future salary increases 3,189 (2,622)

These sensitivities were computed by recalculating the retirement benefit obligation using the revised assumptions.




18.2 Casual Employee Retirement Benefit (Continued)

Funding

The Group pays the termination lump sums as they fall due. The Group expects to pay lump sums of $0.256 million in 2015.

PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000

19 Deferred Lease Rental Income

At beginning of year: 6,207 5,953 30-year leases and unearned revenue 5,953 6,207 61,894 61,121 96 years and longer leases 61,121 61,894

68,101 67,074 67,074 68,101 67,949 74,994 Amounts received during the year 74,994 67,949

136,050 142,068 142,068 136,050 (68,976) (75,480) Income brought into account (75,480) (68,976)

67,074 66,588 At end of year 66,588 67,074 Summarised as follows: 5,953 6,240 30-year leases and unearned revenue 6,240 5,953 61,121 60,348 96 years and longer leases 60,348 61,121

67,074 66,588 66,588 67,074

(63,416) (62,340) Less: long-term portion (62,340) (63,416)

3,658 4,248 Current portion 4,248 3,658




PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000 20 Trade And Other Payables

9,227 8,369 Trade payables 8,369 9,227 31,302 18,305 Other payables and accruals 20,792 35,965

40,529 26,674 29,161 45,192 3,694 1,869 Due to subsidiary – –

44,223 28,543 29,161 45,192

Restated 21 Expenses By Nature Restated

155,447 161,769 Staff costs (Note 21.1) 161,234 155,094 29,909 33,338 Depreciation 33,338 29,909 19,218 19,044 Repairs and maintenance spares utilised 19,044 19,218 12,203 11,932 Accommodation 11,932 12,203 9,954 11,905 Repairs and maintenance on property, plant and equipment 11,905 9,954 9,015 5,755 Office expenses 5,822 9,070 3,844 5,227 Insurance 5,227 3,844 5,033 4,591 Other 4,591 5,033 2,746 3,051 Vehicle and transport 3,051 2,746 – 2,200 Bad debts 2,200 – 1,486 2,198 Legal and professional fees 2,198 1,486 1,764 1,993 Communication 2,003 1,775 1,240 1,351 Marketing 1,351 1,240 995 1,069 Directors’ remuneration 1,069 995 Total direct cost, administrative expenses 252,854 265,423 and other operating expenses 264,965 252,567

21.1 Staff costs

127,735 147,535 Wages, salaries and benefits 147,000 127,382 11,359 11,299 Pension expense (Note 18.1) 11,299 11,359 16,353 2,935 Casual employee retirement benefit expense (Note 18.2) 2,935 16,353

155,447 161,769 161,234 155,094

22 Investment Income

4,630 4,872 Interest income – tax exempt 4,872 4,630 800 876 Other income 876 800

5,430 5,748 5,748 5,430




PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000 Restated Restated 23 Taxation

23.1 Taxation charge

3,224 3,286 Corporation tax 3,286 3,224 – (90) Prior year over accrual for tax (90) – – Business levy - current year 138 109 1,457 (1,963) Deferred income tax (Note 9) (1,963) 1,457

4,681 1,233 1,371 4,790

23.2 The tax charge differs from the theoretical amount that would arise using the basic tax rate of 25% Restated (2013 - 25%) as follows:

179,173 116,087 Profit before taxation 116,543 179,457

44,793 29,022 Tax calculated at applicable tax rate 29,136 44,864 (44,209) (28,432) Allowances/income not subject to tax (28,432) (45,286) 4,097 547 Expenses not deductible for tax 564 5,103 – (90) Prior year over accrual for tax (90) – – 186 Other differences 55 – – – Business levy 138 109

4,681 1,233 1,371 4,790




24 Earnings Per Share

Basic earnings per share is calculated by dividing the profit for the year attributable to the ordinary shareholders of the parent company by the weighted average number of ordinary shares in issue during the year.

GROUP 2014 2013 $’000 $’000 Restated Basic earnings per share

Profit for the year 115,172 174,667

Weighted average number of shares(excluding treasury shares) 39,619,607(2013 - 39,619,607)

Basic earnings per share – as restated – Including fair value gains 291¢ 441¢– Excluding fair value gains 16¢ 13¢

Basic earnings per share – as previously reported – Including fair value gains 472¢– Excluding fair value gains 44¢




25 Dividends

On 21 March 2014, the Board of Directors approved a final dividend of 15¢ per share, amounting to $5,944,000in respect of the year ended 31 December 2013. This is reflected in these financial statements.

On 19 March 2015, the Board of Directors approved a final dividend of 15¢ per share, amounting to $5,944,000in respect of the year ended 31 December 2014. This is not reflected in the statement of changes in equity.

PARENT GROUP 2013 2014 2014 2013 $’000 $’000 $’000 $’000

Restated Restated

26 Cash Generated From Operating Activities

179,173 116,087 Profit before taxation 116,543 179,457 (169,580) (108,785) Unrealised fair value gains on investment properties (108,785) (169,580) 29,909 33,338 Depreciation 33,338 29,909 2,415 114 Loss on disposal of property, plant and equipment 114 2,415 125 154 Decrease in other non-current assets 154 125 (1,454) 1,146 (Increase)/decrease in inventory 1,146 (1,454) (2,747) 4,515 (Increase)/decrease in trade and other receivables 4,498 (2,601)

4,426 455 Net movement in retirement benefit obligation 455 4,426 16,353 2,305 Net movement in casual employee retirement benefit 2,305 16,353 17 – Decrease in taxation recoverable – 17 2,094 1,970 Interest (net) 1,972 2,094 (254) 287 (Decrease)/increase in deferred lease rental income 287 (254) 5,126 (15,680) Increase/(decrease) in trade and other payables (16,031) 5,288

65,603 35,906 Cash Generated From Operations 35,996 66,195




27 Segment Information – Group

The Group is organised and managed on the basis of two segments, port operations and estate operations. These are the reportable segments of the Group as they form the basis used by the President and management team, as the chief operating decision-makers, for assessing performance and allocating resources. These reported segments are closely integrated as the viability of one segment depends on the continued operations of the other. As such, the operation comprises one cash generating unit, which is taxed as one unit and for which other expenses do not relate entirely to one segment. Port and Related Activities Estate Unallocated Total $’000 $’000 $’000 $’000

Year ended 31 December 2014

Revenue 196,125 75,480 1,410 273,015

Gross profit 108,991 75,480 1,410 185,881Unrealised fair value gains on investment properties – 108,785 – 108,785Depreciation (28,054) (1,710) (3,574) (33,338)Other expenses – net (85,099) (1,935) (51,711) (138,745)Finance costs (2,850) (2,303) (887) (6,040)Profit before taxation 116,543

Year ended 31 December 2013 - Restated

Revenue 194,152 68,976 1,211 264,339

Gross profit 102,678 68,976 1,211 172,865Unrealised fair value gains on investment properties – 169,580 – 169,580Depreciation (25,402) (1,701) (2,806) (29,909)Other expenses - net (76,903) (3,465) (45,386) (125,754)Finance costs (4,022) (2,296) (1,007) (7,325)Profit before taxation 179,457

Included under Port are Cargo Handling, Marine, Container Examination Station and Warehouse operations. The revenue reported to the chief operating decision-makers is measured in a manner consistent with that in the statement of comprehensive income.

Total segment assets

31 December 2014 472,681 1,648,954 25,418 2,147,05331 December 2013 491,652 1,541,036 24,498 2,057,186

Total assets are measured in a manner consistent with that of the financial statements. These assets are allocated based on the operations of the segment.




27 Segment Information – Group (Continued)

Reportable segments’ assets are reconciled to total assets as follows:

31 December 2014 2013 $’000 $’000

Total segment assets 2,147,053 2,057,186Cash and cash equivalents 56,779 55,852Long-term investments 41,243 42,154Deferred income tax 13,145 10,862Other assets 4,089 3,825Total assets as per statement of financial position 2,262,309 2,169,879

Total segment assets include additions to property, plant and eqiupment as follows:

Port and Related Activities Estate Other Total $’000 $’000 $’000 $’000

- 31 December 2014 15,848 2,892 2,979 21,719- 31 December 2013 37,448 1,003 3,447 41,898

Total liabilities are centrally managed and are not allocated by segments.

28 Transactions With Related Parties 2014 2013 $’000 $’000Labour (See Note 1) 54,890 44,064Post-retirement benefits 1,219 551Key management compensation 3,122 2,947

29 Capital Commitments Authorised and contracted for and not provided for in the financial statements 38,342 –




30 Contingent Liabilities

2014 2013 $’000 $’000

(i) Customs bonds 2,316 5,757

(ii) The Corporation is a party to various legal actions. In the opinion of the Directors, after taking appropriate legal advice, the outcome of such actions will not result in any significant additional liabilities and therefore no provision has been made in these financial statements.

31 Restatement Of Comparative Information

The Group has adjusted comparative information as follows Casual employee retirement benefit In 2013, the Corporation negotiated with the major employee union, Seamen and Waterfront Workers Trade Union (SWWTU), for a retirement benefit for casual employees. In January 2013, written communication regarding the replacement of the Universal Retirement Plan with a new plan was given to employees. Several payments were also made in that year, arising in a constructive obligation which was not quantified at the end of 2013.

The effect of this change on the statement of financial position as of 31 December 2013 and the statement of comprehensive income for the year ended 31 December 2013 is summarised in the following tables. As the revised benefit was introduced in 2013, there is no impact on the financial position as at 31 December 2012 and no opening statement of financial position is presented.

Parent Parent statement of financial position 31 December 2013 Casual Deferred employee income retirement tax Retained benefit asset earnings $’000 $’000 $’000 As previously reported - 2013 – 6,731 (1,539,608)Impact of under accrual of casual employee retirement benefit (16,522) 4,131 12,391

Restated 2013 (16,522) 10,862 (1,527,217)




Parent statement of comprehensive income 31 December 2013 Remeasurements of casual

employee Total Profit for retirement comprehensive Direct Costs Taxation for the benefit for the year $’000 $’000 $’000 $’000 $’000

As previously reported - 2013 (75,928) (8,770) 186,756 – 236,613Impact of under accrual of casual employee retirement benefit (16,353) 4,089 (12,264) (127) (12,391)

Restated 2013 (92,281) (4,681) 174,492 (127) 224,222

Group Consolidated statement of financial position Casual Deferred31 December 2013 employee income

retirement tax Retained benefit asset earnings $’000 $’000 $’000 As previously reported - 2013 – 6,731 (1,540,970)Impact of under accrual of casual employee retirement benefit (16,522) 4,131 12,391

Restated 2013 (16,522) 10,862 (1,528,579)

31 Restatement Of Comparative Information (continued)




31 Restatement Of Comparative Information (continued)

Consolidated statement of comprehensive income 31 December 2013 Remeasurements of casual

employee Total Profit for retirement comprehensive Direct Costs Taxation for the benefit for the year $’000 $’000 $’000 $’000 $’000

As previously reported - 2013 (75,121) (8,879) 186,931 – 236,788Impact of under accrual of casual employee retirement benefit (16,353) 4,089 (12,264) (127) (12,391)

Restated 2013 (91,474) (4,790) 174,667 (127) 224,397

Please refer to Note 24 for details of the impact of adjustments above on earnings per share for the year ended 31 December 2013.




Management Proxy Circular

REPUBLIC OF TRINIDAD AND TOBAGO THE COMPANIES ACT, Ch. 81:01 (Section 144)

1. Name of Company:

POINT LISAS INDUSTRIAL PORT Company No. P70(C)DEVELOPMENT CORPORATIONLIMITED

2. Particulars of Meeting:

Forty-Eighth (48th) Annual Meeting of the Shareholders of the Company to be held on Thursday 11th June, 2015 at PLIPDECO’s Conference Centre, PLIPDECO House, Orinoco Drive, Point Lisas Industrial Estate, Couva, Trinidad.

3. Solicitation:

It is intended to vote the Proxy hereby solicited by the Management of the Company (unless the Shareholder directs otherwise) in favour of all resolutions specified in the Proxy Form.

4. Any Director’s statement submitted pursuant to Section 76(2):

No statement has been received from any Director pursuant to Section 76(2) of the Companies Act, Ch. 81:01.

5. Any Auditor’s statement submitted pursuant to Section 171(1):

No statement has been received from the Auditors of the Company pursuant to Section 171(1) of The Companies Act, Ch. 81:01.

6. Any Shareholder’s proposal submitted pursuant to Sections 116(a) and 117(2):

No proposal has been received from any Shareholder pursuant to Sections 116(a) and 117(2) of the Companies Act, Ch. 81:01.

Date Name and Title Signature

April 10th, 2015 Michael A. Phillip Corporate Secretary



Proxy Form

REPUBLIC OF TRINIDAD AND TOBAGO THE COMPANIES ACT, Ch. 81:01 (Section 144)

Name of Company:

POINT LISAS INDUSTRIAL PORT Company No. P70(C)DEVELOPMENT CORPORATION LIMITED

Particulars of Meeting:

Forty-Eighth (48th) Annual Meeting of the Shareholders of the Company to be held on Thursday 11th June, 2015 at PLIPDECO’s Conference Centre, PLIPDECO House, Orinoco Drive, Point Lisas Industrial Estate, Couva, Trinidad.

I/We

of

shareholder(s) of the above named Company hereby appoint the Chairman

of the Meeting, or failing him

of

to be my/our proxy to attend and act on my/our behalf at the above Meeting, and at any adjournment or adjournments thereof, to the same extent and with the same power as if I/we were personally present at the said Meeting or such adjournment or adjournments thereof and, without limiting the generality of the authorisation and power hereby conferred, to vote for me/us on my/our behalf as indicated below on the Resolutions to be proposed at the above Meeting and at any adjournment or adjournments thereof.

Dated this day of 2015

Signature(s) of Shareholder(s)



Proxy Form

NO. ORDINARY RESOLUTIONS FOR AGAINST

To receive and consider the Report of the Directors and the Audited Financial Statements of the Company for the financial year ended December 31st, 2014 together with the Report of the Auditors thereon.

To elect Directors and for such purpose pass the following resolutions:

(i) Be it resolved that the Directors to be elected be elected en bloc.

(ii) Be it resolved that Mr Ian R. H. Atherly, Mr. Haroon Fyzool Awardy, Mr. Ibn Llama de Leon, Mr. Charles Percy, Mrs. Janette James-Sebastien, Mr. Prakash Ramnarine and Dr. Dale Sookoo be elected Directors of Point Lisas Industrial Port Development Corporation Limited.

Be it resolved that PricewaterhouseCoopers be appointed Auditors of the Company for the period ending at the conclusion of the next Annual Meeting and that the Directors be authorised to fix their remuneration and expenses for the ensuing year.

1.

2.

3.

Signature(s) of Shareholder(s)

NOTES:

1. A Shareholder may appoint a proxy of his/her own choice. If such anappointment is made, delete the words “the Chairman of the Meeting” and insert the name and address of the person appointed proxy in the space provided.

2. If the appointer is a corporation, this Proxy Form must be underCommon Seal or under the hand of an officer or attorney duly authorised in that behalf.

3. A Shareholder who is a body corporate may, in lieu of appointing aproxy, authorise an individual by resolution of its directors or governing body to represent it at this Annual Meeting.

4. In the case of joint holders, the signature of any one holder will besufficient, but the names of all the joint holders should be stated on the Proxy Form.

5. If this form is returned without any indication as to how the personappointed proxy shall vote, he will exercise his discretion as to how he votes or whether he abstains from voting.

6. To be valid, the Proxy Form must be completed and deposited at theRegistered Office of the Company at the address below not less than forty-eight (48) hours before the time fixed for holding the Annual Meeting or adjourned Meeting.

RETURN TO:

The Corporate SecretaryPoint Lisas Industrial Port Development Corporation LimitedPLIPDECO House, Orinoco DrivePoint Lisas Industrial EstateCouva

Please indicate with an “X” in the spaces below how you wish your Proxy to vote on the Resolutions referred to. If no such indication is given, the Proxy will exercise his discretion as to how he votes or whether he abstains from voting.

Design: Sage Corporate Communications & PublicationsA Division of Lonsdale Saatchi & Saatchi Advertising Limited

Plant and portrait photography: Michael Bonaparte

Printing: SCRIP-J

www.plipdeco.com

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